Vanguard Group Inc. Purchases 740,914 Shares of Cloudflare, Inc. (NYSE:NET)

Vanguard Group Inc. boosted its position in shares of Cloudflare, Inc. (NYSE:NET) by 2.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,159,189 shares of the company’s stock after buying an additional 740,914 shares during the quarter. Vanguard Group Inc. owned approximately 8.39% of Cloudflare worth $2,344,534,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NET. Rafferty Asset Management LLC raised its holdings in Cloudflare by 12.5% in the 3rd quarter. Rafferty Asset Management LLC now owns 43,139 shares of the company’s stock worth $2,719,000 after purchasing an additional 4,795 shares in the last quarter. Korea Investment CORP raised its holdings in Cloudflare by 36.9% in the 3rd quarter. Korea Investment CORP now owns 52,330 shares of the company’s stock worth $3,299,000 after purchasing an additional 14,097 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Cloudflare in the 3rd quarter worth $569,000. WINTON GROUP Ltd bought a new position in Cloudflare in the 3rd quarter worth $260,000. Finally, CenterBook Partners LP bought a new position in Cloudflare in the 3rd quarter worth $1,501,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Up 2.8 %

NYSE NET opened at $77.68 on Tuesday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The company has a fifty day moving average of $78.97 and a two-hundred day moving average of $85.35. The firm has a market capitalization of $26.39 billion, a price-to-earnings ratio of -146.57 and a beta of 1.08. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The company had revenue of $378.60 million during the quarter, compared to analyst estimates of $372.93 million. On average, analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

NET has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Citigroup reduced their target price on shares of Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. Bank of America upped their target price on shares of Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research report on Friday, May 3rd. KeyCorp reduced their target price on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Finally, Oppenheimer reduced their target price on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $90.70.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $74.46, for a total transaction of $3,900,512.64. Following the completion of the sale, the chief executive officer now directly owns 8,742 shares in the company, valued at $650,929.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $74.46, for a total transaction of $3,900,512.64. Following the completion of the sale, the chief executive officer now directly owns 8,742 shares in the company, valued at $650,929.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Katrin Suder sold 574 shares of Cloudflare stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total value of $38,521.14. Following the completion of the sale, the director now owns 51,162 shares of the company’s stock, valued at $3,433,481.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 670,087 shares of company stock worth $54,858,971. 12.83% of the stock is currently owned by insiders.

Cloudflare Company 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.