Cloudflare, Inc. $NET Stake Lifted by Mutual Advisors LLC

Mutual Advisors LLC increased its position in shares of Cloudflare, Inc. (NYSE:NET) by 398.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,072 shares of the company’s stock after purchasing an additional 7,253 shares during the period. Mutual Advisors LLC’s holdings in Cloudflare were worth $1,970,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Cloudflare in the second quarter valued at $541,462,000. Groupama Asset Managment acquired a new position in Cloudflare during the second quarter worth about $225,204,000. KBC Group NV raised its position in Cloudflare by 1,388.7% in the second quarter. KBC Group NV now owns 736,153 shares of the company’s stock worth $144,161,000 after acquiring an additional 686,702 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Cloudflare by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 31,495,565 shares of the company’s stock valued at $6,167,776,000 after acquiring an additional 658,656 shares during the last quarter. Finally, Rakuten Investment Management Inc. acquired a new stake in Cloudflare in the 3rd quarter valued at about $138,660,000. 82.68% of the stock is owned by institutional investors.

Cloudflare Stock Performance

Shares of NYSE NET opened at $170.16 on Wednesday. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00. The business’s 50-day moving average price is $193.75 and its two-hundred day moving average price is $205.81. The company has a market capitalization of $59.60 billion, a P/E ratio of -567.21, a price-to-earnings-growth ratio of 158.12 and a beta of 1.97.

Insiders Place Their Bets

In related news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $190.05, for a total value of $4,873,072.05. Following the transaction, the insider owned 24,555 shares in the company, valued at approximately $4,666,677.75. This represents a 51.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $178.37, for a total transaction of $1,783,700.00. Following the completion of the sale, the chief financial officer owned 137,486 shares of the company’s stock, valued at $24,523,377.82. This trade represents a 6.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 630,827 shares of company stock worth $124,436,992 in the last quarter. Corporate insiders own 10.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NET shares. Jefferies Financial Group reiterated a “hold” rating and issued a $225.00 target price on shares of Cloudflare in a report on Tuesday, December 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cloudflare in a research report on Wednesday, January 21st. Wolfe Research restated a “peer perform” rating on shares of Cloudflare in a report on Monday, January 26th. Truist Financial set a $225.00 target price on Cloudflare in a research report on Tuesday, January 20th. Finally, Citigroup decreased their price target on Cloudflare from $318.00 to $260.00 and set a “buy” rating for the company in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $232.48.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.