Cloudflare, Inc. (NYSE:NET) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 12.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,076 shares of the company’s stock after acquiring an additional 655 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cloudflare were worth $654,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Quarry LP lifted its position in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares during the period. Versant Capital Management Inc lifted its position in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after buying an additional 217 shares during the period. Quest Partners LLC acquired a new stake in shares of Cloudflare in the 3rd quarter valued at approximately $54,000. Finally, Financial Life Planners acquired a new stake in shares of Cloudflare in the 4th quarter valued at approximately $81,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Scotiabank raised their price target on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. UBS Group reduced their price target on Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. DZ Bank cut Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price target for the company. in a report on Tuesday, February 11th. Mizuho reduced their price target on Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Finally, Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and raised their price objective for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus target price of $130.04.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $111.90, for a total value of $5,861,769.60. Following the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,204,267.80. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 504,382 shares of company stock worth $66,194,115. 12.83% of the stock is owned by insiders.

Cloudflare Price Performance

NET stock opened at $114.99 on Wednesday. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The stock’s fifty day simple moving average is $136.54 and its 200-day simple moving average is $109.42. 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 stock has a market capitalization of $39.68 billion, a price-to-earnings ratio of -522.70 and a beta of 1.27.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Equities research analysts expect that Cloudflare, Inc. will post -0.11 EPS 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.