Berkshire Capital Holdings Inc. Raises Position in Cloudflare, Inc. (NYSE:NET)

Berkshire Capital Holdings Inc. raised its stake in shares of Cloudflare, Inc. (NYSE:NET) by 885,600.0% during the fourth quarter, HoldingsChannel reports. The firm owned 88,570 shares of the company’s stock after buying an additional 88,560 shares during the quarter. Cloudflare comprises 3.4% of Berkshire Capital Holdings Inc.’s holdings, making the stock its 13th largest position. Berkshire Capital Holdings Inc.’s holdings in Cloudflare were worth $9,537,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hartline Investment Corp raised its position in Cloudflare by 1.5% during the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after purchasing an additional 3,957 shares during the period. Charles Schwab Investment Management Inc. raised its position in Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after purchasing an additional 29,960 shares during the period. Birchcreek Wealth Management LLC bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $215,000. Strategic Blueprint LLC bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $265,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Cloudflare during the third quarter valued at approximately $591,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction dated 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 in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 609,150 shares of company stock valued at $78,440,970. Company insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

Shares of NET opened at $117.48 on Thursday. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The stock has a fifty day moving average price of $136.54 and a 200-day moving average price of $109.42. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $40.54 billion, a PE ratio of -534.02 and a beta of 1.27.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NET. DZ Bank cut Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price on the stock. in a research note on Tuesday, February 11th. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and upped their target price for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Mizuho cut their target price on Cloudflare from $160.00 to $140.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company upped their target price on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Finally, Oppenheimer cut Cloudflare from an “outperform” rating to a “market perform” rating in a research note on Friday, February 7th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average target price of $130.04.

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.