Insight Holdings Group LLC Makes New $2.58 Million Investment in Cloudflare, Inc. $NET

Insight Holdings Group LLC acquired a new stake in Cloudflare, Inc. (NYSE:NET) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 12,000 shares of the company’s stock, valued at approximately $2,575,000. Cloudflare comprises approximately 0.2% of Insight Holdings Group LLC’s investment portfolio, making the stock its 27th biggest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Cloudflare by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock worth $6,934,958,000 after purchasing an additional 821,684 shares during the last quarter. Invesco Ltd. increased its position in Cloudflare by 1.3% during the third quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock worth $850,792,000 after acquiring an additional 49,485 shares during the period. Norges Bank acquired a new stake in Cloudflare in the 2nd quarter worth about $541,462,000. Charles Schwab Investment Management Inc. grew its position in shares of Cloudflare by 3.6% during 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 boosted its stake in shares of Cloudflare by 96.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock valued at $279,588,000 after buying an additional 639,245 shares during the period. Institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. BTIG Research upped their target price on Cloudflare from $199.00 to $243.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. TD Cowen reiterated a “buy” rating on shares of Cloudflare in a research note on Tuesday, January 27th. New Street Research set a $140.00 price target on shares of Cloudflare in a report on Wednesday, February 11th. Robert W. Baird set a $260.00 price target on shares of Cloudflare and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Finally, KeyCorp restated an “overweight” rating on shares of Cloudflare in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $233.38.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $212.46 on Monday. The company’s 50 day moving average price is $185.42 and its two-hundred day moving average price is $203.00. The firm has a market capitalization of $74.42 billion, a P/E ratio of -732.59 and a beta of 1.98. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. During the same period last year, the company posted $0.19 EPS. The business’s quarterly revenue was up 33.6% on a year-over-year basis. On average, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 41,557 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $185.04, for a total value of $7,689,707.28. Following the transaction, the chief financial officer owned 85,452 shares in the company, valued at approximately $15,812,038.08. This trade represents a 32.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $189.47, for a total transaction of $9,925,196.48. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 523,690 shares of company stock worth $96,821,800. 10.89% of the stock is owned by corporate insiders.

Cloudflare Company Profile

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.