Pictet Asset Management Holding SA Has $94.66 Million Stake in Cloudflare, Inc. (NYSE:NET)

Pictet Asset Management Holding SA increased its position in Cloudflare, Inc. (NYSE:NET) by 454.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 879,088 shares of the company’s stock after buying an additional 720,568 shares during the period. Pictet Asset Management Holding SA’s holdings in Cloudflare were worth $94,660,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new stake in shares of Cloudflare in the third quarter worth about $54,000. Cerity Partners LLC lifted its holdings in Cloudflare by 306.4% in the 3rd quarter. Cerity Partners LLC now owns 18,416 shares of the company’s stock worth $1,490,000 after purchasing an additional 13,885 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Cloudflare by 5.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 14,308 shares of the company’s stock worth $1,157,000 after purchasing an additional 734 shares during the last quarter. Townsquare Capital LLC boosted its position in Cloudflare by 3.1% during the third quarter. Townsquare Capital LLC now owns 41,920 shares of the company’s stock worth $3,391,000 after purchasing an additional 1,267 shares during the period. Finally, Cynosure Group LLC bought a new position in shares of Cloudflare in the third quarter valued at approximately $271,000. Institutional investors own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total value of $5,957,632.32. Following the completion of the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,223,962.26. The trade was a 82.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total value of $1,707,150.00. Following the sale, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 618,046 shares of company stock valued at $80,142,792 in the last three months. 12.83% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NET has been the subject of several recent analyst reports. Cantor Fitzgerald upped their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Royal Bank of Canada decreased their price target on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Robert W. Baird reaffirmed a “neutral” rating and issued a $140.00 price target (up from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Mizuho cut their price objective on Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Finally, The Goldman Sachs Group lowered their target price on Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $135.64.

Cloudflare Stock Performance

Cloudflare stock opened at $114.89 on Friday. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week 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 stock has a fifty day moving average price of $137.47 and a two-hundred day moving average price of $111.56. The firm has a market capitalization of $39.64 billion, a P/E ratio of -522.21 and a beta of 1.27.

Cloudflare (NYSE:NET) last announced 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%. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 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.