Cloudflare, Inc. (NYSE:NET) Shares Acquired by PDT Partners LLC

PDT Partners LLC increased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 53.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 49,869 shares of the company’s stock after purchasing an additional 17,367 shares during the period. PDT Partners LLC’s holdings in Cloudflare were worth $4,034,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. CVA Family Office LLC increased its stake in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Cloudflare during the 2nd quarter worth approximately $29,000. Quarry LP increased its position in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare during the 3rd quarter worth $38,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wells Fargo & Company raised their price target on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Scotiabank raised their target price on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. UBS Group increased their price target on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Guggenheim upped their target price on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare has a consensus rating of “Hold” and a consensus price target of $92.88.

Cloudflare Price Performance

Shares of NYSE NET opened at $99.88 on Friday. The stock has a fifty day moving average price of $90.25 and a 200 day moving average price of $82.40. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $116.00. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market cap of $34.28 billion, a PE ratio of -384.15 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the sale, the insider now directly owns 185,386 shares in the company, valued at approximately $15,114,520.58. The trade was a 1.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Maria S. Eitel sold 6,875 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.00, for a total transaction of $605,000.00. Following the completion of the transaction, the director now owns 5,927 shares of the company’s stock, valued at $521,576. This represents a 53.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 606,952 shares of company stock valued at $53,078,202. 12.83% of the stock is owned by corporate 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.