Peregrine Capital Management LLC Has $82.92 Million Position in Cloudflare, Inc. $NET

Peregrine Capital Management LLC reduced its stake in shares of Cloudflare, Inc. (NYSE:NET) by 6.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 401,849 shares of the company’s stock after selling 26,482 shares during the quarter. Cloudflare accounts for 3.1% of Peregrine Capital Management LLC’s holdings, making the stock its 3rd biggest holding. Peregrine Capital Management LLC’s holdings in Cloudflare were worth $82,918,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Cloudflare by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company’s stock valued at $6,389,167,000 after purchasing an additional 90,397 shares in the last quarter. Geode Capital Management LLC grew its stake in Cloudflare by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 6,018,175 shares of the company’s stock worth $1,184,044,000 after buying an additional 241,981 shares in the last quarter. First Trust Advisors LP grew its stake in Cloudflare by 1.6% during the fourth quarter. First Trust Advisors LP now owns 4,019,157 shares of the company’s stock worth $792,377,000 after buying an additional 63,198 shares in the last quarter. Invesco Ltd. increased its holdings in Cloudflare by 1.3% in the 3rd quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock valued at $850,792,000 after buying an additional 49,485 shares during the period. Finally, Norges Bank bought a new position in Cloudflare in the 4th quarter valued at about $718,316,000. Institutional investors own 82.68% of the company’s stock.

Insider Activity

In other news, Director Katrin Suder sold 293 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $252.92, for a total value of $74,105.56. Following the completion of the transaction, the director directly owned 37,430 shares in the company, valued at approximately $9,466,795.60. This represents a 0.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas J. Seifert sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $232.39, for a total value of $2,323,900.00. Following the sale, the chief financial officer directly owned 116,733 shares in the company, valued at approximately $27,127,581.87. This trade represents a 7.89% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 566,112 shares of company stock valued at $121,310,716. 10.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $230.00 price target (up from $224.00) on shares of Cloudflare in a report on Wednesday, June 10th. UBS Group lifted their price objective on shares of Cloudflare from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Wednesday, June 10th. KeyCorp restated an “overweight” rating on shares of Cloudflare in a research report on Wednesday, June 10th. Susquehanna upped their target price on Cloudflare from $190.00 to $200.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Cloudflare in a report on Wednesday, June 10th. Twenty-one analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Cloudflare has an average rating of “Moderate Buy” and a consensus price target of $241.35.

Cloudflare Stock Up 0.5%

NET stock opened at $245.09 on Wednesday. The firm has a 50-day moving average price of $223.87 and a 200-day moving average price of $204.07. Cloudflare, Inc. has a 12 month low of $158.83 and a 12 month high of $276.82. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $86.63 billion, a P/E ratio of -980.34, a price-to-earnings-growth ratio of 245.50 and a beta of 1.70.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.02. The company had revenue of $639.75 million for the quarter, compared to analyst estimates of $620.83 million. Cloudflare had a negative net margin of 3.72% and a negative return on equity of 5.65%. The firm’s revenue was up 33.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 EPS. Cloudflare has set its FY 2026 guidance at 1.190-1.200 EPS and its Q2 2026 guidance at 0.270-0.270 EPS. As a group, equities research analysts anticipate that Cloudflare, Inc. will post 0.02 EPS for the current fiscal year.

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.