Korea Investment CORP Grows Stake in Cloudflare, Inc. (NYSE:NET)

Korea Investment CORP lifted its stake in Cloudflare, Inc. (NYSE:NET) by 96.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,962 shares of the company’s stock after purchasing an additional 108,663 shares during the quarter. Korea Investment CORP owned 0.06% of Cloudflare worth $23,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of NET. American Century Companies Inc. boosted its stake in 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. Geode Capital Management LLC boosted its position in shares of Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares during the last quarter. Generate Investment Management Ltd bought a new stake in Cloudflare in the 4th quarter worth about $12,946,000. KLP Kapitalforvaltning AS bought a new stake in Cloudflare in the 4th quarter worth about $11,834,000. Finally, Worldquant Millennium Advisors LLC purchased a new position in Cloudflare in the 3rd quarter worth about $8,535,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of NYSE:NET opened at $114.89 on Friday. The firm has a market cap of $39.64 billion, a price-to-earnings ratio of -522.21 and a beta of 1.27. The firm has a fifty day moving average price of $137.47 and a 200 day moving average price of $111.56. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last released its quarterly earnings data 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%. As a group, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $117.34, for a total transaction of $3,008,597.60. Following the completion of the transaction, the insider now owns 413,413 shares in the company, valued at $48,509,881.42. This trade represents a 5.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,226,652.76. This trade represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 618,046 shares of company stock valued at $80,142,792 in the last quarter. 12.83% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. JMP Securities lifted their price target on shares of Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research note on Friday, February 7th. Susquehanna lifted their target price on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. UBS Group lowered their price target on Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Oppenheimer began coverage on Cloudflare in a report on Thursday, March 20th. They issued an “outperform” rating and a $150.00 price objective for the company. Finally, Jefferies Financial Group increased their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus 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.