Harvest Fund Management Co. Ltd Acquires 2,729 Shares of Cloudflare, Inc. (NYSE:NET)

Harvest Fund Management Co. Ltd lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 309.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,612 shares of the company’s stock after buying an additional 2,729 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Cloudflare were worth $301,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Deutsche Bank AG grew its position in shares of Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after buying an additional 65,596 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Cloudflare during the third quarter valued at approximately $569,000. International Assets Investment Management LLC bought a new stake in shares of Cloudflare during the fourth quarter valued at approximately $11,639,000. Blueshift Asset Management LLC boosted its position in shares of Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after purchasing an additional 12,974 shares in the last quarter. Finally, LA Financiere DE L Echiquier boosted its position in shares of Cloudflare by 4.5% during the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock valued at $33,937,000 after purchasing an additional 17,600 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Trading Down 3.1 %

Shares of NET stock opened at $85.00 on Thursday. Cloudflare, Inc. has a 1 year low of $39.90 and a 1 year 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 stock’s 50 day simple moving average is $95.39 and its two-hundred day simple moving average is $82.50. The company has a market cap of $28.70 billion, a PE ratio of -159.42 and a beta of 1.12.

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

Analysts Set New Price Targets

NET has been the subject of a number of recent research reports. DZ Bank cut Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price objective for the company. in a research note on Tuesday, February 13th. Mizuho lowered their price objective on Cloudflare from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, April 15th. Cantor Fitzgerald reiterated a “neutral” rating and set a $100.00 price objective on shares of Cloudflare in a research note on Wednesday, April 17th. Capital One Financial assumed coverage on Cloudflare in a research report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective for the company. Finally, Truist Financial upped their price objective on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $87.08.

Insider Transactions at Cloudflare

In related news, Director Carl Ledbetter sold 10,031 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $80.91, for a total value of $811,608.21. Following the transaction, the director now owns 1,454,919 shares of the company’s stock, valued at $117,717,496.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $79.60, for a total transaction of $238,800.00. Following the sale, the insider now owns 216,114 shares of the company’s stock, valued at approximately $17,202,674.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carl Ledbetter sold 10,031 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $80.91, for a total value of $811,608.21. Following the sale, the director now directly owns 1,454,919 shares in the company, valued at approximately $117,717,496.29. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,036,341 shares of company stock worth $101,013,542. 14.80% of the stock is currently owned by company insiders.

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.