Cloudflare, Inc. (NYSE:NET) Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA increased its position in Cloudflare, Inc. (NYSE:NET) by 454.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 879,088 shares of the company’s stock after purchasing an additional 720,568 shares during the period. Pictet Asset Management Holding SA owned 0.26% of Cloudflare worth $94,660,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Cloudflare during the fourth quarter worth $249,544,000. American Century Companies Inc. raised its stake in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the period. Geode Capital Management LLC raised its stake in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after acquiring an additional 121,810 shares during the period. Generate Investment Management Ltd acquired a new position in Cloudflare in the fourth quarter valued at approximately $12,946,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $11,834,000. 82.68% of the stock is owned by institutional investors.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction dated 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 sale, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total value of $1,707,150.00. Following the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $28,779,020.89. This trade represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 618,046 shares of company stock worth $80,142,792. 12.83% of the stock is owned by corporate insiders.

Cloudflare Stock Down 3.1 %

Shares of Cloudflare stock opened at $114.89 on Friday. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The firm has a market capitalization of $39.64 billion, a PE ratio of -522.21 and a beta of 1.27. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock’s fifty day moving average is $137.47 and its 200-day moving average is $111.56.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Stifel Nicolaus boosted their price objective on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Mizuho reduced their price target on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Susquehanna increased their price objective on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Bank of America raised shares of Cloudflare from an “underperform” rating to a “buy” rating and boosted their target price for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Finally, Wells Fargo & Company lifted 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. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $135.64.

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.