Cloudflare, Inc. (NYSE:NET) Shares Purchased by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale lifted its holdings in Cloudflare, Inc. (NYSE:NET) by 6.9% during the second quarter, Holdings Channel reports. The fund owned 58,330 shares of the company’s stock after buying an additional 3,754 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Cloudflare were worth $4,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in Cloudflare during the fourth quarter worth $221,858,000. Baillie Gifford & Co. boosted its holdings in Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after buying an additional 2,575,396 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in Cloudflare by 121.2% during the fourth 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 in the last quarter. Vanguard Group Inc. boosted its holdings in Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after buying an additional 740,914 shares in the last quarter. Finally, Capital World Investors boosted its holdings in Cloudflare by 2.1% during the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after buying an additional 584,566 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Buying and Selling

In other Cloudflare news, COO Michelle Zatlyn sold 102,580 shares of Cloudflare stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the completion of the sale, the chief operating officer now directly owns 211,394 shares in the company, valued at $17,444,232.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $78.47, for a total transaction of $1,177,050.00. Following the completion of the sale, the chief financial officer now directly owns 309,937 shares in the company, valued at $24,320,756.39. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 102,580 shares of Cloudflare stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $17,444,232.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 584,882 shares of company stock worth $47,094,359. Insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the topic of a number of recent analyst reports. Robert W. Baird increased their price target on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Mizuho increased their price objective on shares of Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. Guggenheim increased their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and increased their price objective for the company from $76.00 to $82.00 in a report on Tuesday, June 25th. Finally, Susquehanna increased their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and a consensus target price of $92.29.

Cloudflare Price Performance

Cloudflare stock opened at $79.14 on Wednesday. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. The stock has a market cap of $26.89 billion, a P/E ratio of -149.32 and a beta of 1.10. The company has a 50-day moving average price of $79.52 and a 200 day moving average price of $82.67. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The firm had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $394.11 million. During the same period last year, the business earned ($0.12) earnings per share. Cloudflare’s revenue was up 30.0% compared to the same quarter last year. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.12 earnings per share for the current 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.