Dynamic Technology Lab Private Ltd Takes Position in Cloudflare, Inc. (NYSE:NET)

Dynamic Technology Lab Private Ltd purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 33,594 shares of the company’s stock, valued at approximately $2,717,000.

A number of other hedge funds have also bought and sold shares of the business. Advisors Asset Management Inc. raised its stake in shares of Cloudflare by 15.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,761 shares of the company’s stock worth $171,000 after purchasing an additional 237 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Cloudflare by 20.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock valued at $84,745,000 after acquiring an additional 149,866 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its position in shares of Cloudflare by 26.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 3,936 shares of the company’s stock valued at $381,000 after acquiring an additional 828 shares during the period. California State Teachers Retirement System increased its stake in shares of Cloudflare by 4.8% during the 1st quarter. California State Teachers Retirement System now owns 447,813 shares of the company’s stock worth $43,362,000 after purchasing an additional 20,533 shares during the last quarter. Finally, Comerica Bank increased its stake in shares of Cloudflare by 19.9% during the 1st quarter. Comerica Bank now owns 28,556 shares of the company’s stock worth $2,765,000 after purchasing an additional 4,733 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

NET opened at $104.23 on Monday. The business’s fifty day simple moving average is $88.21 and its 200 day simple moving average is $81.49. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week 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.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The firm 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, analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity

In related news, CFO Thomas J. Seifert sold 28,635 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at $24,030,141.07. This represents a 10.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $15,681,643.20. This trade represents a 25.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 546,194 shares of company stock valued at $46,804,995. Insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

NET has been the subject of several research reports. BNP Paribas initiated coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Wells Fargo & Company boosted their price objective on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research report on Friday, August 2nd. Royal Bank of Canada boosted their price target on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird lifted their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $92.88.

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.