CIBC Asset Management Inc Purchases 1,491 Shares of Cloudflare, Inc. (NYSE:NET)

CIBC Asset Management Inc increased its position in shares of Cloudflare, Inc. (NYSE:NET) by 14.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,120 shares of the company’s stock after buying an additional 1,491 shares during the quarter. CIBC Asset Management Inc’s holdings in Cloudflare were worth $1,305,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NET. WIM INVESTMENT MANAGEMENT Ltd bought a new position in shares of Cloudflare during the third quarter worth about $25,588,000. International Assets Investment Management LLC bought a new position in shares of Cloudflare during the third quarter worth about $147,160,000. Parnassus Investments LLC grew its holdings in shares of Cloudflare by 1,851.9% during the third quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock worth $11,196,000 after buying an additional 131,319 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 worth $390,130,000 after buying an additional 121,810 shares in the last quarter. Finally, Generate Investment Management Ltd bought a new position in shares of Cloudflare during the fourth quarter worth about $12,946,000. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $113.00, for a total value of $5,919,392.00. Following the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,216,106. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 594,036 shares of company stock valued at $72,407,434 in the last three months. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NYSE:NET opened at $151.83 on Friday. The stock has a market cap of $52.11 billion, a P/E ratio of -690.12 and a beta of 1.12. The stock has a 50 day simple moving average of $130.11 and a 200 day simple moving average of $103.27. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of analyst reports. Oppenheimer downgraded Cloudflare from an “outperform” rating to a “market perform” rating in a research note on Friday, February 7th. Royal Bank of Canada raised their price target on Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Needham & Company LLC restated a “buy” rating and issued a $185.00 price target on shares of Cloudflare in a research note on Tuesday, February 18th. Morgan Stanley raised their price target on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Finally, Guggenheim raised their price target on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $136.28.

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.