Cerity Partners LLC Increases Stake in Cloudflare, Inc. (NYSE:NET)

Cerity Partners LLC increased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 306.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 18,416 shares of the company’s stock after purchasing an additional 13,885 shares during the period. Cerity Partners LLC’s holdings in Cloudflare were worth $1,490,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its holdings 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 buying an additional 2,575,396 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Cloudflare by 1.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after buying an additional 19,446 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after buying an additional 855,334 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Cloudflare by 24.8% in the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after buying an additional 277,228 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cloudflare by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,251,670 shares of the company’s stock valued at $103,676,000 after buying an additional 35,884 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 35,118 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares in the company, valued at approximately $18,212,582.70. This trade represents a 16.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 10,761 shares of the company’s stock, valued at $823,754.55. This trade represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 536,568 shares of company stock worth $47,573,767. 12.83% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company increased their price target on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $130.00 in a research note on Monday. Mizuho increased their price target on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, BNP Paribas began coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $94.40.

Cloudflare Stock Performance

Shares of NET opened at $104.89 on Wednesday. The company has a 50-day simple moving average of $91.03 and a 200-day simple moving average of $82.94. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $36.00 billion, a PE ratio of -403.42 and a beta of 1.10. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.