Federated Hermes Inc. Takes $953,000 Position in Cloudflare, Inc. (NYSE:NET)

Federated Hermes Inc. acquired a new position in Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,447 shares of the company’s stock, valued at approximately $953,000.

Other hedge funds also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Cloudflare by 1,976.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock valued at $45,000 after purchasing an additional 514 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of Cloudflare by 98.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock valued at $50,000 after acquiring an additional 296 shares during the last quarter. ORG Partners LLC bought a new stake in shares of Cloudflare in the fourth quarter worth approximately $55,000. Harvest Fund Management Co. Ltd raised its holdings in shares of Cloudflare by 2,422.9% during the third quarter. Harvest Fund Management Co. Ltd now owns 883 shares of the company’s stock valued at $56,000 after purchasing an additional 848 shares during the last quarter. Finally, Fortis Group Advisors LLC bought a new position in Cloudflare during the third quarter valued at approximately $64,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the sale, the insider now directly owns 216,114 shares of the company’s stock, valued at $23,789,829.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.08, for a total transaction of $660,480.00. Following the completion of the transaction, the insider now owns 216,114 shares in the company, valued at approximately $23,789,829.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $81.87, for a total value of $1,228,050.00. Following the sale, the chief financial officer now directly owns 366,465 shares in the company, valued at $30,002,489.55. The disclosure for this sale can be found here. Insiders sold 1,033,325 shares of company stock valued at $100,856,071 in the last 90 days. Insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. DZ Bank lowered shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price for the company. in a research note on Tuesday, February 13th. Needham & Company LLC increased their target price on Cloudflare from $110.00 to $135.00 and gave the company a “buy” rating in a report on Friday, February 9th. Capital One Financial initiated coverage on Cloudflare in a research report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 target price on the stock. Mizuho reduced their price target on shares of Cloudflare from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Monday, April 15th. Finally, Royal Bank of Canada raised their price objective on shares of Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a report on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $89.09.

Cloudflare Stock Performance

NYSE NET opened at $88.09 on Thursday. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare, Inc. has a twelve month low of $39.90 and a twelve month high of $116.00. The business has a 50-day moving average price of $94.36 and a 200-day moving average price of $83.35. The firm has a market cap of $29.74 billion, a price-to-earnings ratio of -160.16 and a beta of 1.12.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.2 EPS for the current fiscal year.

About Cloudflare

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.