Charles Schwab Investment Management Inc. Acquires 29,960 Shares of Cloudflare, Inc. (NYSE:NET)

Charles Schwab Investment Management Inc. boosted its holdings in Cloudflare, Inc. (NYSE:NET) by 2.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,157,815 shares of the company’s stock after purchasing an additional 29,960 shares during the period. Charles Schwab Investment Management Inc. owned about 0.34% of Cloudflare worth $93,656,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Cloudflare by 13.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after acquiring an additional 119 shares in the last quarter. Elo Mutual Pension Insurance Co grew its stake in Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after purchasing an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC grew its stake in Cloudflare by 3.5% in the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after purchasing an additional 137 shares in the last quarter. Quarry LP increased its position in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares during the last quarter. Finally, Forum Financial Management LP raised its stake in shares of Cloudflare by 6.1% during the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after purchasing an additional 162 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $78.06, for a total value of $4,089,095.04. Following the completion of the transaction, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $840,003.66. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 28,635 shares of Cloudflare stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 546,194 shares of company stock worth $46,804,995 over the last three months. Insiders own 12.83% of the company’s stock.

Cloudflare Stock Down 1.4 %

Shares of NYSE NET opened at $102.24 on Wednesday. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $116.00. The stock’s fifty day moving average is $88.68 and its 200 day moving average is $81.76. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market capitalization of $35.09 billion, a P/E ratio of -393.23 and a beta of 1.10.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Guggenheim upped their target price on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Scotiabank upped their price objective on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. BNP Paribas initiated coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price for the company. Finally, Susquehanna increased their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $92.88.

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.