DekaBank Deutsche Girozentrale Reduces Position in Cloudflare, Inc. (NYSE:NET)

DekaBank Deutsche Girozentrale reduced its stake in Cloudflare, Inc. (NYSE:NET) by 4.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,984 shares of the company’s stock after selling 2,346 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Cloudflare were worth $4,529,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in NET. Baillie Gifford & Co. lifted its holdings in 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. lifted its stake in shares of 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 buying an additional 412,864 shares during the period. Capital World Investors lifted its stake in shares of Cloudflare by 2.1% during 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 during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Cloudflare by 1.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock worth $137,616,000 after acquiring an additional 19,446 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after acquiring an additional 855,334 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NET shares. Cantor Fitzgerald increased their price target on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Robert W. Baird raised their price target on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. BNP Paribas initiated coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Wolfe Research assumed coverage on shares of Cloudflare in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Susquehanna increased their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Four equities 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 company’s stock. Based on data from MarketBeat, Cloudflare has an average rating of “Hold” and a consensus price target of $91.72.

Cloudflare Stock Performance

Cloudflare stock opened at $87.70 on Friday. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. 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 company has a market capitalization of $29.97 billion, a price-to-earnings ratio of -165.85 and a beta of 1.10. The firm’s fifty day moving average price is $83.58 and its 200 day moving average price is $80.57.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. During the same period in the previous year, the company earned ($0.12) earnings per share. The company’s revenue for the quarter was up 30.0% compared to the same quarter last year. On average, research analysts forecast that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $76.70, for a total value of $4,017,852.80. Following the transaction, the chief executive officer now directly owns 211,394 shares of the company’s stock, valued at $16,213,919.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the transaction, the chief financial officer now owns 281,403 shares of the company’s stock, valued at approximately $25,573,904.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $76.70, for a total value of $4,017,852.80. Following the completion of the transaction, the chief executive officer now owns 211,394 shares of the company’s stock, valued at $16,213,919.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 504,552 shares of company stock valued at $41,582,545. Insiders own 12.83% of the company’s stock.

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.