CIBC Asset Management Inc Purchases 1,491 Shares of Cloudflare, Inc. (NYSE:NET)

CIBC Asset Management Inc raised its stake in Cloudflare, Inc. (NYSE:NET) by 14.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,120 shares of the company’s stock after acquiring an additional 1,491 shares during the period. CIBC Asset Management Inc’s holdings in Cloudflare were worth $1,305,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in Cloudflare in the third quarter valued at $38,000. Quarry LP grew its position in Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares during the period. Quest Partners LLC bought a new stake in Cloudflare in the third quarter valued at $54,000. Versant Capital Management Inc grew its position in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the period. Finally, GAMMA Investing LLC grew its position in Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after acquiring an additional 217 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on NET. The Goldman Sachs Group upped their price target on Cloudflare from $140.00 to $183.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Needham & Company LLC restated a “buy” rating and set a $185.00 target price on shares of Cloudflare in a report on Tuesday, February 18th. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and increased their target price for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Jefferies Financial Group increased their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. increased their target price on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $136.28.

Cloudflare Trading Down 2.9 %

NYSE:NET opened at $151.83 on Friday. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The business’s 50-day moving average price is $130.11 and its two-hundred day moving average price is $103.27. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $52.11 billion, a price-to-earnings ratio of -690.12 and a beta of 1.12.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, insider Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $156.67, for a total transaction of $4,017,018.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $109.90, for a total value of $1,648,500.00. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $27,790,303.10. This represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 594,036 shares of company stock valued at $72,407,434 over the last 90 days. 12.83% of the stock is owned by company insiders.

About Cloudflare

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.