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

Swiss National Bank lessened its stake in Cloudflare, Inc. (NYSE:NET) by 4.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 895,200 shares of the company’s stock after selling 39,400 shares during the quarter. Swiss National Bank’s holdings in Cloudflare were worth $192,101,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Physician Wealth Advisors Inc. raised its holdings in Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock valued at $26,000 after acquiring an additional 104 shares in the last quarter. Westside Investment Management Inc. grew its holdings in Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after acquiring an additional 65 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Cloudflare in the 2nd quarter valued at approximately $29,000. ORG Wealth Partners LLC increased its position in shares of Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock valued at $30,000 after purchasing an additional 70 shares during the last quarter. Finally, Cloud Capital Management LLC acquired a new stake in shares of Cloudflare in the 3rd quarter valued at $31,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

NET stock opened at $201.59 on Tuesday. The business has a 50 day simple moving average of $184.32 and a 200-day simple moving average of $202.65. The company has a market capitalization of $70.61 billion, a P/E ratio of -695.11 and a beta of 1.98. Cloudflare, Inc. has a twelve month low of $89.42 and a twelve month high of $260.00. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35.

Cloudflare (NYSE:NET) last issued its quarterly earnings data 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 company had revenue of $614.51 million for the quarter, compared to the consensus estimate of $591.67 million. During the same period last year, the firm posted $0.19 EPS. Cloudflare’s revenue for the quarter was up 33.6% on a year-over-year basis. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 41,557 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the transaction, the chief financial officer owned 85,452 shares in the company, valued at $15,812,038.08. The trade was a 32.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $189.47, for a total value of $9,925,196.48. The SEC filing for this sale provides additional information. Insiders have sold a total of 551,851 shares of company stock valued at $102,673,182 over the last quarter. 10.89% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NET has been the subject of a number of research analyst reports. New Street Research set a $140.00 price target on Cloudflare in a report on Wednesday, February 11th. Citigroup raised their price objective on shares of Cloudflare from $260.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Wolfe Research restated a “peer perform” rating on shares of Cloudflare in a research report on Monday, January 26th. Robert W. Baird set a $260.00 target price on shares of Cloudflare and gave the company an “outperform” rating in a research report on Wednesday, February 11th. Finally, Piper Sandler lifted their price target on shares of Cloudflare from $220.00 to $222.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $230.70.

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.