ARK Investment Management LLC Purchases 11,259 Shares of Cloudflare, Inc. (NYSE:NET)

ARK Investment Management LLC raised its position in shares of Cloudflare, Inc. (NYSE:NET) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 440,868 shares of the company’s stock after acquiring an additional 11,259 shares during the quarter. ARK Investment Management LLC’s holdings in Cloudflare were worth $36,707,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of NET. Sunbelt Securities Inc. bought a new stake in Cloudflare during the first quarter valued at $29,000. JTC Employer Solutions Trustee Ltd bought a new position in shares of Cloudflare during the 3rd quarter worth about $38,000. Providence Capital Advisors LLC boosted its position in shares of Cloudflare by 6,065.0% during the 1st quarter. Providence Capital Advisors LLC now owns 2,466 shares of the company’s stock worth $40,000 after purchasing an additional 2,426 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Cloudflare by 1,976.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock worth $45,000 after purchasing an additional 514 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its position in shares of Cloudflare by 2,422.9% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 883 shares of the company’s stock worth $56,000 after purchasing an additional 848 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

NET has been the topic of a number of research analyst reports. Royal Bank of Canada increased their price objective on shares of Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a research report on Friday, February 9th. KeyCorp increased their price objective on shares of Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Morgan Stanley increased their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. Needham & Company LLC increased their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, Capital One Financial assumed coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $87.50.

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 277,376 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the transaction, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at approximately $3,899,597.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Carl Ledbetter sold 30,214 shares of the stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $76.03, for a total transaction of $2,297,170.42. Following the completion of the transaction, the director now directly owns 1,539,316 shares of the company’s stock, valued at approximately $117,034,195.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the transaction, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,069,816 shares of company stock worth $100,238,148. Insiders own 14.80% of the company’s stock.

Cloudflare Stock Performance

NYSE:NET opened at $96.55 on Thursday. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare, Inc. has a 52 week low of $39.90 and a 52 week high of $116.00. The firm has a 50-day moving average price of $93.17 and a two-hundred day moving average price of $78.14.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. Analysts forecast that Cloudflare, Inc. will post -0.19 earnings per share for the current year.

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.