Pier 88 Investment Partners LLC Increases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Pier 88 Investment Partners LLC increased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 100.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,330 shares of the company’s stock after buying an additional 21,690 shares during the quarter. Cloudflare accounts for about 0.9% of Pier 88 Investment Partners LLC’s portfolio, making the stock its 24th largest position. Pier 88 Investment Partners LLC’s holdings in Cloudflare were worth $3,608,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NET. Yousif Capital Management LLC lifted its position in Cloudflare by 4.0% during the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after acquiring an additional 130 shares during the period. Kingswood Wealth Advisors LLC lifted its position in Cloudflare by 0.5% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock worth $2,278,000 after acquiring an additional 132 shares during the period. Quent Capital LLC lifted its position in Cloudflare by 8.1% during the 4th quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock worth $156,000 after acquiring an additional 140 shares during the period. Eagle Bay Advisors LLC lifted its position in Cloudflare by 0.8% during the 4th quarter. Eagle Bay Advisors LLC now owns 21,005 shares of the company’s stock worth $1,749,000 after acquiring an additional 177 shares during the period. Finally, Barings LLC lifted its position in Cloudflare by 1.7% during the 4th quarter. Barings LLC now owns 12,978 shares of the company’s stock worth $1,081,000 after acquiring an additional 214 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NET has been the subject of several analyst reports. JMP Securities reissued a “market outperform” rating and issued a $120.00 price objective on shares of Cloudflare in a report on Tuesday, May 14th. Truist Financial boosted their price objective on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. The Goldman Sachs Group decreased their price objective on Cloudflare from $89.00 to $77.00 and set a “sell” rating for the company in a report on Monday, May 6th. Royal Bank of Canada boosted their price objective on Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a report on Friday, February 9th. Finally, Oppenheimer decreased their price objective on Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $91.87.

Cloudflare Price Performance

NET stock traded up $0.57 during midday trading on Friday, reaching $74.19. The stock had a trading volume of 1,745,322 shares, compared to its average volume of 3,927,981. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The company’s fifty day simple moving average is $86.64 and its 200 day simple moving average is $85.15. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00. The company has a market cap of $25.21 billion, a price-to-earnings ratio of -139.98 and a beta of 1.15.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The business had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $101.02, for a total value of $2,590,152.80. Following the transaction, the chief operating officer now directly owns 19,615 shares of the company’s stock, valued at approximately $1,981,507.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $101.02, for a total transaction of $2,590,152.80. Following the sale, the chief operating officer now owns 19,615 shares of the company’s stock, valued at approximately $1,981,507.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $99.64, for a total transaction of $298,920.00. Following the sale, the insider now directly owns 205,238 shares in the company, valued at approximately $20,449,914.32. The disclosure for this sale can be found here. Insiders have sold 737,710 shares of company stock valued at $64,674,930 in the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

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.