Cloudflare, Inc. $NET Shares Sold by Swiss National Bank

Swiss National Bank lowered its position in shares of Cloudflare, Inc. (NYSE:NET) by 4.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 895,200 shares of the company’s stock after selling 39,400 shares during the period. Swiss National Bank owned approximately 0.26% of Cloudflare worth $192,101,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in NET. WINTON GROUP Ltd purchased a new stake in Cloudflare in the third quarter valued at $2,998,000. Gerber Kawasaki Wealth & Investment Management lifted its stake in shares of Cloudflare by 1.6% in the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 4,642 shares of the company’s stock valued at $996,000 after purchasing an additional 71 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of Cloudflare by 2.3% during the 3rd quarter. Private Advisor Group LLC now owns 6,016 shares of the company’s stock worth $1,291,000 after purchasing an additional 136 shares during the period. PFG Advisors purchased a new position in shares of Cloudflare during the 3rd quarter worth $377,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Cloudflare during the 3rd quarter worth about $734,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Activity

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $189.50, for a total transaction of $4,858,969.50. Following the sale, the insider directly owned 34,514 shares in the company, valued at $6,540,403. This represents a 42.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Graham-Cumming sold 2,520 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $173.35, for a total transaction of $436,842.00. Following the completion of the transaction, the director directly owned 495,191 shares of the company’s stock, valued at $85,841,359.85. This represents a 0.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 551,851 shares of company stock worth $102,673,182 over the last 90 days. Company insiders own 10.89% of the company’s stock.

Analyst Ratings Changes

NET has been the topic of a number of recent analyst reports. Royal Bank Of Canada upped their target price on shares of Cloudflare from $230.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, February 11th. New Street Research set a $140.00 price target on shares of Cloudflare in a research note on Wednesday, February 11th. Guggenheim upped their price objective on shares of Cloudflare from $117.00 to $140.00 and gave the stock a “sell” rating in a report on Wednesday, February 11th. Barclays increased their price objective on shares of Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Finally, KeyCorp reiterated an “overweight” rating on shares of Cloudflare in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $230.70.

Cloudflare Stock Up 3.3%

Shares of NYSE:NET opened at $201.59 on Tuesday. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98. The firm has a market capitalization of $70.61 billion, a PE ratio of -695.11 and a beta of 1.98. The firm’s 50-day moving average is $184.32 and its two-hundred day moving average is $202.65. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $591.67 million. During the same quarter in the prior year, the company earned $0.19 earnings per share. The business’s quarterly revenue was up 33.6% on a year-over-year basis. Analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Cloudflare Company Profile

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.