Korea Investment CORP Buys 108,663 Shares of Cloudflare, Inc. (NYSE:NET)

Korea Investment CORP raised its position in shares of Cloudflare, Inc. (NYSE:NET) by 96.8% during the fourth quarter, HoldingsChannel reports. The fund owned 220,962 shares of the company’s stock after acquiring an additional 108,663 shares during the quarter. Korea Investment CORP’s holdings in Cloudflare were worth $23,793,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Century Companies Inc. boosted its stake in shares of Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the period. Geode Capital Management LLC boosted its position 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 valued at $390,130,000 after buying an additional 121,810 shares during the period. Generate Investment Management Ltd bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $12,946,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Cloudflare in the fourth quarter worth approximately $11,834,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Cloudflare during the 3rd quarter worth approximately $8,535,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

NYSE NET opened at $114.89 on Friday. The stock’s fifty day moving average price is $137.47 and its 200 day moving average price is $111.56. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market cap of $39.64 billion, a price-to-earnings ratio of -522.21 and a beta of 1.27.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the sale, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,223,962.26. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 618,046 shares of company stock worth $80,142,792. Company insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Cantor Fitzgerald increased their target price on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Guggenheim lifted their price objective on shares of Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a report on Friday, February 7th. The Goldman Sachs Group dropped their target price on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Needham & Company LLC lowered their price target on Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Finally, Morgan Stanley began coverage on Cloudflare in a report on Tuesday, March 18th. They set an “overweight” rating on the stock. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and a consensus price target of $135.64.

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.