Cloudflare, Inc. (NYSE:NET) Holdings Boosted by Hartline Investment Corp

Hartline Investment Corp raised its stake in shares of Cloudflare, Inc. (NYSE:NET) by 1.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 244,634 shares of the company’s stock after purchasing an additional 3,995 shares during the period. Cloudflare accounts for 3.3% of Hartline Investment Corp’s holdings, making the stock its 10th biggest position. Hartline Investment Corp’s holdings in Cloudflare were worth $20,368,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Cloudflare by 1.5% in the third quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company’s stock valued at $1,728,448,000 after buying an additional 395,363 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Cloudflare by 0.9% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock valued at $109,451,000 after buying an additional 14,984 shares during the last quarter. Northern Trust Corp increased its position in Cloudflare by 3.1% during the third quarter. Northern Trust Corp now owns 1,733,639 shares of the company’s stock worth $109,289,000 after purchasing an additional 51,345 shares during the last quarter. Deutsche Bank AG increased its position in Cloudflare by 5.1% during the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after purchasing an additional 65,596 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Cloudflare by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 983,507 shares of the company’s stock worth $62,000,000 after purchasing an additional 11,342 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NET. Needham & Company LLC raised their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Morgan Stanley boosted their price target on shares of Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a research note on Monday, February 12th. Royal Bank of Canada boosted their price target on shares of Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. Cantor Fitzgerald reissued a “neutral” rating and issued a $100.00 price target on shares of Cloudflare in a research note on Wednesday, April 17th. Finally, Truist Financial lifted their price objective on shares of Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Cloudflare presently has an average rating of “Hold” and an average target price of $87.08.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the completion of the transaction, the chief executive officer now owns 12,183 shares in the company, valued at approximately $1,152,389.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the transaction, the chief executive officer now directly owns 12,183 shares of the company’s stock, valued at approximately $1,152,389.97. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 50,000 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the transaction, the chief financial officer now directly owns 366,465 shares in the company, valued at $40,351,461.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,036,341 shares of company stock worth $101,013,542. 14.80% of the stock is owned by insiders.

Cloudflare Stock Down 0.2 %

Shares of Cloudflare stock traded down $0.20 during trading hours on Wednesday, hitting $87.68. The company had a trading volume of 1,993,044 shares, compared to its average volume of 3,765,697. The company’s 50-day moving average is $95.72 and its two-hundred day moving average is $82.47. Cloudflare, Inc. has a twelve month low of $39.90 and a twelve month high of $116.00. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. The company has a market cap of $29.61 billion, a P/E ratio of -161.40 and a beta of 1.12.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The firm had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Analysts anticipate that Cloudflare, Inc. will post -0.2 earnings per share for the current fiscal year.

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.