Chesapeake Capital Corp IL Makes New $349,000 Investment in Cloudflare, Inc. (NYSE:NET)

Chesapeake Capital Corp IL bought a new position in shares of Cloudflare, Inc. (NYSE:NET) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,245 shares of the company’s stock, valued at approximately $349,000.

Other hedge funds have also recently bought and sold shares of the company. Stratos Wealth Partners LTD. grew its position in Cloudflare by 1.2% during the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after buying an additional 77 shares in the last quarter. Atomi Financial Group Inc. grew its position in Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after buying an additional 94 shares in the last quarter. Chicago Partners Investment Group LLC grew its position in Cloudflare by 4.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after buying an additional 105 shares in the last quarter. D.A. Davidson & CO. grew its position in Cloudflare by 0.5% during the fourth quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock worth $2,269,000 after buying an additional 106 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in Cloudflare by 0.5% during the fourth quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock worth $2,154,000 after purchasing an additional 107 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $114.99 on Wednesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a market cap of $39.68 billion, a P/E ratio of -522.70 and a beta of 1.27. The firm has a 50 day simple moving average of $136.54 and a 200 day simple moving average of $109.42. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the completion of the sale, the chief executive officer now owns 413,413 shares of the company’s stock, valued at approximately $59,961,421.52. The trade was a 11.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction 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 sale, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 504,382 shares of company stock valued at $66,194,115. Company insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of analyst reports. Truist Financial raised their price target 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. Jefferies Financial Group raised their price target on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Wells Fargo & Company raised their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. Cantor Fitzgerald raised their price target on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, Susquehanna raised their price target on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cloudflare has an average rating of “Hold” and an average price target of $130.04.

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.