ExodusPoint Capital Management LP Buys Shares of 86,218 Cloudflare, Inc. (NYSE:NET)

ExodusPoint Capital Management LP purchased a new stake in Cloudflare, Inc. (NYSE:NET) during the 4th quarter, Holdings Channel reports. The fund purchased 86,218 shares of the company’s stock, valued at approximately $9,284,000.

Several other large investors have also modified their holdings of the business. Hartline Investment Corp lifted its stake in Cloudflare by 1.5% in the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after buying an additional 3,957 shares in the last quarter. Birchcreek Wealth Management LLC purchased a new stake in shares of Cloudflare in the fourth quarter valued at $215,000. Strategic Blueprint LLC acquired a new stake in shares of Cloudflare during the fourth quarter valued at $265,000. Clarendon Private LLC acquired a new stake in shares of Cloudflare during the fourth quarter valued at $293,000. Finally, Savant Capital LLC purchased a new stake in Cloudflare during the 4th quarter worth about $237,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NET shares. The Goldman Sachs Group decreased their price target on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Bank of America upgraded shares of Cloudflare from an “underperform” rating to a “buy” rating and raised their target price for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Wells Fargo & Company boosted their price target on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Morgan Stanley initiated coverage on Cloudflare in a report on Tuesday, March 18th. They set an “overweight” rating on the stock. Finally, Oppenheimer assumed coverage on Cloudflare in a research note on Thursday, March 20th. They issued an “outperform” rating and a $150.00 target price for the company. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $135.64.

Cloudflare Trading Down 9.3 %

NYSE:NET opened at $97.39 on Friday. The business’s 50-day moving average is $136.35 and its two-hundred day moving average is $112.43. The firm has a market capitalization of $33.61 billion, a PE ratio of -442.68 and a beta of 1.59. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. 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 announced its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Janel Riley sold 4,327 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 9,000 shares of Cloudflare stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the completion of the sale, the insider now owns 188,406 shares of the company’s stock, valued at approximately $21,257,848.98. This trade represents a 4.56 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 612,046 shares of company stock worth $79,451,112. 12.83% of the stock is currently owned by company 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.