Geode Capital Management LLC Purchases 121,810 Shares of Cloudflare, Inc. (NYSE:NET)

Geode Capital Management LLC boosted its position in shares of Cloudflare, Inc. (NYSE:NET) by 2.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,834,558 shares of the company’s stock after purchasing an additional 121,810 shares during the period. Geode Capital Management LLC’s holdings in Cloudflare were worth $390,130,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after buying an additional 119 shares in the last quarter. Quarry LP increased its holdings in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after purchasing an additional 133 shares in the last quarter. Elo Mutual Pension Insurance Co increased its holdings in Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after purchasing an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC raised its position in Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after purchasing an additional 137 shares during the last quarter. Finally, Forum Financial Management LP boosted its stake in Cloudflare by 6.1% in the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after purchasing an additional 162 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Price Performance

NYSE NET opened at $113.58 on Friday. The business has a 50 day simple moving average of $96.10 and a 200 day simple moving average of $84.95. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $116.00. The stock has a market cap of $38.98 billion, a price-to-earnings ratio of -436.85 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $113.16, for a total transaction of $2,901,422.40. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $19,572,040.44. This trade represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 524,824 shares of company stock valued at $49,037,888 over the last 90 days. 12.83% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NET shares. Piper Sandler lifted their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. UBS Group boosted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Scotiabank increased their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. Wells Fargo & Company boosted their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Mizuho increased their price objective on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $95.20.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.