Westfield Capital Management Co. LP Raises Position in Cloudflare, Inc. $NET

Westfield Capital Management Co. LP lifted its holdings in Cloudflare, Inc. (NYSE:NET) by 7.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 480,850 shares of the company’s stock after purchasing an additional 32,154 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Cloudflare were worth $103,186,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NET. Vanguard Group Inc. raised its stake in Cloudflare by 2.6% in the third quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after buying an additional 821,684 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cloudflare by 5.1% during the second quarter. Geode Capital Management LLC now owns 5,536,679 shares of the company’s stock valued at $1,081,533,000 after acquiring an additional 270,227 shares in the last quarter. Norges Bank purchased a new position in shares of Cloudflare in the 2nd quarter valued at approximately $541,462,000. Charles Schwab Investment Management Inc. boosted its stake in Cloudflare by 3.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,368,906 shares of the company’s stock worth $268,073,000 after purchasing an additional 47,698 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Cloudflare by 96.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock worth $279,588,000 after purchasing an additional 639,245 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 41,557 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the completion of the transaction, the chief financial officer owned 85,452 shares of the company’s stock, valued at approximately $15,812,038.08. This represents a 32.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $201.23, for a total value of $10,541,232.32. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 506,012 shares of company stock worth $98,211,842 in the last 90 days. Corporate insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on NET. Robert W. Baird set a $260.00 price target on shares of Cloudflare and gave the stock an “outperform” rating in a report on Wednesday, February 11th. Citizens Jmp set a $270.00 target price on Cloudflare in a research report on Friday, October 31st. Needham & Company LLC reduced their target price on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Mizuho dropped their price target on Cloudflare from $280.00 to $255.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 21st. Finally, Wall Street Zen upgraded Cloudflare from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $230.70.

Cloudflare Stock Performance

NET opened at $171.92 on Thursday. The firm has a fifty day moving average price of $186.72 and a 200 day moving average price of $203.34. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00. The stock has a market cap of $60.22 billion, a P/E ratio of -592.79 and a beta of 1.97. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The company had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. The firm’s revenue for the quarter was up 33.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.19 earnings per share. Equities research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.