Tidal Investments LLC Purchases 3,550 Shares of Cloudflare, Inc. (NYSE:NET)

Tidal Investments LLC raised its position in Cloudflare, Inc. (NYSE:NET) by 18.0% in the third quarter, HoldingsChannel.com reports. The fund owned 23,238 shares of the company’s stock after purchasing an additional 3,550 shares during the quarter. Tidal Investments LLC’s holdings in Cloudflare were worth $1,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of NET. Hartline Investment Corp lifted its stake in Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after purchasing an additional 18,426 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare in the third quarter valued at approximately $25,588,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after acquiring an additional 29,960 shares during the period. National Pension Service increased its holdings in shares of Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after acquiring an additional 4,062 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Cloudflare in the 2nd quarter valued at $7,319,000. Institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $92.00 to $130.00 in a research report on Monday, December 2nd. UBS Group lifted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company increased their price target on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Scotiabank boosted their price objective on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Finally, Piper Sandler upped their target price on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cloudflare has a consensus rating of “Hold” and a consensus price target of $95.20.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total transaction of $4,921,476.80. Following the sale, the chief executive officer now directly owns 10,761 shares in the company, valued at approximately $1,010,995.95. The trade was a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction that occurred on 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 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. Over the last quarter, insiders have sold 524,824 shares of company stock valued at $49,037,888. 12.83% of the stock is currently owned by insiders.

Cloudflare Price Performance

Shares of NET stock opened at $114.65 on Tuesday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $116.00. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The business has a fifty day simple moving average of $96.78 and a 200 day simple moving average of $85.43. The company has a market cap of $39.35 billion, a P/E ratio of -440.96 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.1 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.