Blueshift Asset Management LLC Makes New $3.21 Million Investment in Cloudflare, Inc. (NYSE:NET)

Blueshift Asset Management LLC bought a new stake in Cloudflare, Inc. (NYSE:NET) in the third quarter, Holdings Channel.com reports. The institutional investor bought 39,673 shares of the company’s stock, valued at approximately $3,209,000. Cloudflare accounts for approximately 0.8% of Blueshift Asset Management LLC’s investment portfolio, making the stock its 17th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Baillie Gifford & Co. raised its holdings in shares of Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. Marshall Wace LLP raised its position in Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in Cloudflare in the third quarter valued at approximately $25,588,000. American Century Companies Inc. grew its position in Cloudflare by 24.8% in the second quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock worth $115,526,000 after acquiring an additional 277,228 shares in the last quarter. Finally, Glynn Capital Management LLC acquired a new position in shares of Cloudflare during the 2nd quarter worth $16,765,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 28,635 shares of Cloudflare stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the sale, the insider now owns 185,386 shares in the company, valued at $15,114,520.58. This represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 546,194 shares of company stock worth $46,804,995. Corporate insiders own 12.83% of the company’s stock.

Analyst Ratings Changes

NET has been the subject of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a report on Friday, August 2nd. BNP Paribas initiated coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price objective for the company. Mizuho raised their target price on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Susquehanna boosted their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Finally, Piper Sandler increased their target price on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $92.88.

Cloudflare Stock Performance

NET opened at $102.24 on Wednesday. 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 business’s 50-day moving average price is $88.68 and its two-hundred day moving average price is $81.76. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. On average, equities research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Cloudflare 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.