Harvest Fund Management Co. Ltd Raises Stake in Cloudflare, Inc. (NYSE:NET)

Harvest Fund Management Co. Ltd boosted its holdings in Cloudflare, Inc. (NYSE:NET) by 1,605.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,062 shares of the company’s stock after purchasing an additional 9,472 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Cloudflare were worth $1,084,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hartline Investment Corp increased its position in Cloudflare by 1.5% during the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after buying an additional 3,957 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after buying an additional 29,960 shares in the last quarter. Birchcreek Wealth Management LLC purchased a new stake in shares of Cloudflare during the 4th quarter valued at about $215,000. Strategic Blueprint LLC purchased a new stake in Cloudflare in the fourth quarter worth approximately $265,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Cloudflare during the 3rd quarter valued at $591,000. Institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on NET. Piper Sandler dropped their target price on Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Cantor Fitzgerald boosted their price target on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Mizuho lowered their target price on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Baird R W lowered Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, UBS Group cut their target price on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average target price of $130.04.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $111.90, for a total transaction of $5,861,769.60. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,204,267.80. This represents a 82.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total value of $1,707,150.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. This trade represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 609,150 shares of company stock valued at $78,440,970. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Stock Up 2.1 %

NYSE:NET opened at $117.48 on Thursday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a 50-day moving average of $136.54 and a 200 day moving average of $109.42. The firm has a market cap of $40.54 billion, a PE ratio of -534.02 and a beta of 1.27.

Cloudflare (NYSE:NET) last announced its quarterly 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 return on equity of 5.52% and a negative net margin of 4.72%. As a group, research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.