Comerica Bank grew its holdings in Cloudflare, Inc. (NYSE:NET – Get Rating) by 7.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,577 shares of the company's stock after acquiring an additional 1,135 shares during the period. Comerica Bank's holdings in Cloudflare were worth $840,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also modified their holdings of NET. Brighton Jones LLC lifted its position in Cloudflare by 3.6% in the second quarter. Brighton Jones LLC now owns 6,181 shares of the company's stock valued at $270,000 after acquiring an additional 212 shares during the last quarter. Nwam LLC grew its position in shares of Cloudflare by 5.3% in the second quarter. Nwam LLC now owns 4,931 shares of the company's stock valued at $249,000 after purchasing an additional 246 shares during the last quarter. Forum Financial Management LP lifted its stake in shares of Cloudflare by 11.5% during the first quarter. Forum Financial Management LP now owns 2,653 shares of the company's stock valued at $317,000 after buying an additional 273 shares during the period. Shell Asset Management Co. raised its stake in Cloudflare by 3.8% during the second quarter. Shell Asset Management Co. now owns 8,776 shares of the company's stock worth $384,000 after purchasing an additional 322 shares during the period. Finally, Perigon Wealth Management LLC raised its stake in Cloudflare by 6.7% during the second quarter. Perigon Wealth Management LLC now owns 5,339 shares of the company's stock worth $234,000 after purchasing an additional 333 shares during the period. Institutional investors and hedge funds own 69.97% of the company's stock.
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Insider Activity
In other news, CEO Matthew Prince sold 74,710 shares of the business's stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $39.90, for a total transaction of $2,980,929.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Thomas J. Seifert sold 20,000 shares of the company's stock in a transaction on Monday, November 7th. The stock was sold at an average price of $40.78, for a total transaction of $815,600.00. Following the completion of the sale, the chief financial officer now owns 86,433 shares in the company, valued at $3,524,737.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Prince sold 74,710 shares of the company's stock in a transaction on Friday, January 6th. The stock was sold at an average price of $39.90, for a total value of $2,980,929.00. The disclosure for this sale can be found here. Insiders sold a total of 495,785 shares of company stock worth $22,885,776 over the last quarter. 15.99% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several brokerages have weighed in on NET. Morgan Stanley decreased their price objective on shares of Cloudflare from $52.00 to $47.00 and set an "equal weight" rating for the company in a report on Tuesday. Piper Sandler dropped their price target on shares of Cloudflare from $58.00 to $46.00 in a research report on Tuesday, January 17th. Cowen dropped their target price on shares of Cloudflare from $100.00 to $75.00 in a research report on Friday, November 4th. Macquarie assumed coverage on shares of Cloudflare in a research report on Wednesday, November 2nd. They set a "neutral" rating and a $60.00 price objective on the stock. Finally, Cowen reduced their target price on shares of Cloudflare from $100.00 to $75.00 in a research note on Friday, November 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of "Hold" and a consensus price target of $75.13.
Cloudflare Trading Down 1.1 %
NYSE NET opened at $46.16 on Thursday. The company has a market cap of $15.17 billion, a price-to-earnings ratio of -65.94 and a beta of 1.03. Cloudflare, Inc. has a 52 week low of $37.37 and a 52 week high of $132.45. The business has a 50 day moving average price of $45.52 and a 200-day moving average price of $53.16. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 2.42.
Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings data on Thursday, November 3rd. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. The firm had revenue of $253.86 million during the quarter, compared to the consensus estimate of $250.20 million. Cloudflare had a negative return on equity of 27.82% and a negative net margin of 25.16%. As a group, equities analysts expect that Cloudflare, Inc. will post -0.4 earnings per share for the current fiscal year.
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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