Polymer Capital Management HK LTD Purchases 6,291 Shares of Cloudflare, Inc. (NYSE:NET)

Polymer Capital Management HK LTD raised its position in shares of Cloudflare, Inc. (NYSE:NET) by 100.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 12,541 shares of the company’s stock after buying an additional 6,291 shares during the period. Polymer Capital Management HK LTD’s holdings in Cloudflare were worth $1,350,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC lifted its position in Cloudflare by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock valued at $526,986,000 after acquiring an additional 68,661 shares during the last quarter. Groupama Asset Managment purchased a new position in Cloudflare in the fourth quarter worth $269,200,000. Norges Bank acquired a new position in shares of Cloudflare during the fourth quarter worth $249,544,000. American Century Companies Inc. lifted its holdings in shares of Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Cloudflare by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after purchasing an additional 23,641 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Trading Down 9.3 %

Shares of NYSE:NET opened at $97.39 on Friday. The business’s 50 day moving average price is $136.35 and its 200-day moving average price is $112.43. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The firm has a market capitalization of $33.61 billion, a price-to-earnings ratio of -442.68 and a beta of 1.59. 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 issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 33,864 shares of Cloudflare stock in a transaction on Friday, January 17th. The shares were sold at an average price of $119.40, for a total value of $4,043,361.60. Following the completion of the sale, the chief financial officer now owns 252,869 shares in the company, valued at $30,192,558.60. This represents a 11.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 612,046 shares of company stock valued at $79,451,112. 12.83% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NET shares. JMP Securities upped their target price on Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research report on Friday, February 7th. DZ Bank downgraded shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price on the stock. in a research report on Tuesday, February 11th. Truist Financial lifted their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. JPMorgan Chase & Co. raised their target price on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, Oppenheimer initiated coverage on Cloudflare in a research note on Thursday, March 20th. They set an “outperform” rating and a $150.00 price target on the stock. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Cloudflare has an average rating of “Hold” and an average target price of $135.64.

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.