Bank of America Corp DE reduced its position in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,068,414 shares of the company's stock after selling 37,494 shares during the period. Bank of America Corp DE owned 0.33% of Cloudflare worth $127,890,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Capital World Investors raised its position in Cloudflare by 322.4% in the fourth quarter. Capital World Investors now owns 11,347,863 shares of the company's stock worth $1,492,244,000 after acquiring an additional 8,661,214 shares during the period. Sands Capital Management LLC raised its position in Cloudflare by 53.6% in the first quarter. Sands Capital Management LLC now owns 13,550,528 shares of the company's stock worth $1,621,998,000 after acquiring an additional 4,731,354 shares during the period. Allianz Asset Management GmbH raised its position in Cloudflare by 574.2% in the first quarter. Allianz Asset Management GmbH now owns 2,894,091 shares of the company's stock worth $346,422,000 after acquiring an additional 2,464,830 shares during the period. Norges Bank bought a new stake in Cloudflare in the fourth quarter worth about $320,895,000. Finally, First Trust Advisors LP raised its position in Cloudflare by 30.4% in the first quarter. First Trust Advisors LP now owns 6,448,150 shares of the company's stock worth $771,844,000 after acquiring an additional 1,503,125 shares during the period. 71.69% of the stock is owned by institutional investors.

Insider Transactions at Cloudflare

In other news, CAO Paul D. Underwood sold 6,000 shares of the business's stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $70.00, for a total value of $420,000.00. Following the completion of the sale, the chief accounting officer now directly owns 30,030 shares in the company, valued at approximately $2,102,100. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Paul D. Underwood sold 6,000 shares of the business's stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $70.00, for a total value of $420,000.00. Following the completion of the sale, the chief accounting officer now directly owns 30,030 shares in the company, valued at approximately $2,102,100. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $52.30, for a total transaction of $2,739,683.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 320,304 shares of company stock worth $20,817,806. 15.99% of the stock is currently owned by insiders.

Cloudflare Price Performance

Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.07). Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. The company had revenue of $234.52 million during the quarter, compared to analysts' expectations of $227.52 million. On average, analysts predict that Cloudflare, Inc. will post -0.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of several research reports. Piper Sandler lifted their price objective on shares of Cloudflare from $57.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, August 5th. Royal Bank of Canada lifted their target price on shares of Cloudflare from $62.00 to $74.00 in a research note on Friday, August 5th. Wells Fargo & Company reduced their target price on shares of Cloudflare from $60.00 to $42.00 and set an "equal weight" rating for the company in a research note on Monday, July 18th. Credit Suisse Group reduced their target price on shares of Cloudflare to $125.00 in a research note on Tuesday, August 9th. Finally, Moffett Nathanson assumed coverage on shares of Cloudflare in a research note on Thursday. They issued a "buy" rating and a $114.00 target price for the company. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $112.57.

Cloudflare Profile

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

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