Harvest Fund Management Co. Ltd Has $48,000 Stock Position in Cloudflare, Inc. (NYSE:NET)

by · The Markets Daily

Harvest Fund Management Co. Ltd lowered its position in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 72.5% in the third quarter, HoldingsChannel reports. The firm owned 590 shares of the company’s stock after selling 1,558 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Cloudflare were worth $48,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. CVA Family Office LLC increased its position in shares of Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Cloudflare during the 2nd quarter worth about $29,000. Quarry LP increased its position in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after purchasing an additional 421 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Cloudflare during the 3rd quarter worth about $38,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Down 2.8 %

Cloudflare stock opened at $99.38 on Thursday. The company’s 50 day simple moving average is $89.15 and its 200 day simple moving average is $81.98. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $116.00. The firm has a market capitalization of $34.11 billion, a price-to-earnings ratio of -382.23 and a beta of 1.10. 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 – Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the sale, the insider now directly owns 185,386 shares in the company, valued at approximately $15,114,520.58. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Michelle Zatlyn sold 12,820 shares of Cloudflare stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total transaction of $976,114.80. Following the completion of the sale, the chief operating officer now owns 192,177 shares in the company, valued at $14,632,356.78. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 606,952 shares of company stock worth $53,078,202. Company insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NET. Royal Bank of Canada increased their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Piper Sandler increased their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a report on Friday, August 2nd. Mizuho increased their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Robert W. Baird increased their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and an average target price of $92.88.

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About Cloudflare

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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.

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