Cloudflare, Inc. (NYSE:NET) Shares Bought by American Century Companies Inc.

American Century Companies Inc. grew its position in Cloudflare, Inc. (NYSE:NET) by 24.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,394,732 shares of the company’s stock after acquiring an additional 277,228 shares during the period. American Century Companies Inc. owned about 0.41% of Cloudflare worth $115,526,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Baillie Gifford & Co. increased its stake in shares of Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares in the last quarter. Vanguard Group Inc. grew its holdings in Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after purchasing an additional 412,864 shares during the period. Capital World Investors increased its position in shares of Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after buying an additional 584,566 shares in the last quarter. 1832 Asset Management L.P. raised its stake in shares of Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares during the period. Finally, Norges Bank purchased a new position in shares of Cloudflare during the 4th quarter valued at approximately $221,858,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of research analyst reports. UBS Group upgraded shares of Cloudflare from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $76.00 to $82.00 in a research report on Tuesday, June 25th. Scotiabank initiated coverage on shares of Cloudflare in a research report on Monday, July 8th. They set a “sector perform” rating and a $85.00 price target for the company. Morgan Stanley reiterated an “equal weight” rating and set a $92.00 price objective on shares of Cloudflare in a research note on Monday, June 17th. Needham & Company LLC reissued a “buy” rating and set a $135.00 target price on shares of Cloudflare in a report on Friday, August 2nd. Finally, Piper Sandler lifted their price target on Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus target price of $92.29.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $78.61 on Friday. The firm has a market cap of $26.71 billion, a PE ratio of -148.32 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00. The business’s fifty day simple moving average is $79.86 and its 200-day simple moving average is $83.30.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. Cloudflare’s revenue was up 30.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.12) earnings per share. Equities analysts forecast that Cloudflare, Inc. will post -0.12 earnings per share for the current year.

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $77.54, for a total transaction of $994,062.80. Following the completion of the transaction, the chief operating officer now directly owns 211,394 shares in the company, valued at $16,391,490.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $77.54, for a total transaction of $994,062.80. Following the sale, the chief operating officer now directly owns 211,394 shares in the company, valued at $16,391,490.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $76.55, for a total transaction of $4,009,995.20. Following the completion of the transaction, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $823,754.55. The disclosure for this sale can be found here. Insiders have sold a total of 597,702 shares of company stock valued at $48,088,422 over the last quarter. 12.83% of the stock is owned by company insiders.

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.