Truist Financial Corp Reduces Position in Cloudflare, Inc. (NYSE:NET)

Truist Financial Corp reduced its stake in Cloudflare, Inc. (NYSE:NET) by 15.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,775 shares of the company’s stock after selling 4,185 shares during the quarter. Truist Financial Corp’s holdings in Cloudflare were worth $1,969,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Baillie Gifford & Co. raised its stake in shares of Cloudflare by 8.5% in 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 during the period. Vanguard Group Inc. lifted its holdings in Cloudflare by 1.5% during 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 in the last quarter. Capital World Investors boosted 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 worth $2,723,685,000 after purchasing an additional 584,566 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Cloudflare by 1.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock worth $137,616,000 after purchasing an additional 19,446 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Cloudflare by 123.4% during the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after purchasing an additional 855,334 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Stock Performance

Cloudflare stock opened at $93.50 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The firm has a market capitalization of $31.95 billion, a P/E ratio of -322.41 and a beta of 1.10. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The company’s 50-day moving average is $80.88 and its 200 day moving average is $81.18.

Cloudflare (NYSE:NET) last issued its quarterly 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. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The firm had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. During the same period in the prior year, the business posted ($0.12) earnings per share. The company’s revenue for the quarter was up 30.0% on a year-over-year basis. Research analysts forecast that Cloudflare, Inc. will post -0.13 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on NET shares. Scotiabank started coverage on Cloudflare in a research note on Monday, July 8th. They issued a “sector perform” rating and a $85.00 price target for the company. BNP Paribas began coverage on Cloudflare in a research note on Tuesday. They set an “underperform” rating and a $65.00 target price on the stock. Mizuho upped their price target on Cloudflare from $88.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 16th. Robert W. Baird boosted their target price on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $82.00 in a research note on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $91.20.

Insider Transactions at Cloudflare

In related news, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total value of $2,117,864.00. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $15,873,820.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total transaction of $231,510.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at approximately $15,071,532.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total value of $2,117,864.00. Following the transaction, the chief operating officer now owns 192,177 shares in the company, valued at approximately $15,873,820.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 417,784 shares of company stock worth $33,130,625. 12.83% of the stock is currently owned by 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.