EFG Asset Management Americas Corp. Sells 4,241 Shares of Cloudflare, Inc. $NET

EFG Asset Management Americas Corp. cut its stake in shares of Cloudflare, Inc. (NYSE:NET) by 19.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,552 shares of the company’s stock after selling 4,241 shares during the period. EFG Asset Management Americas Corp.’s holdings in Cloudflare were worth $3,766,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NET. Vanguard Group Inc. increased its stake in Cloudflare by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock worth $6,934,958,000 after acquiring an additional 821,684 shares during the last quarter. Invesco Ltd. grew its stake in shares of Cloudflare by 1.3% during the third 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 last quarter. Norges Bank bought a new position in shares of Cloudflare in the second quarter worth about $541,462,000. Charles Schwab Investment Management Inc. increased its position in shares of Cloudflare by 3.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,368,906 shares of the company’s stock worth $268,073,000 after acquiring an additional 47,698 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in Cloudflare by 96.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock valued at $279,588,000 after purchasing an additional 639,245 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Up 0.2%

Shares of NYSE NET opened at $212.46 on Friday. Cloudflare, Inc. has a 12-month low of $89.42 and a 12-month high of $260.00. The stock has a market cap of $74.42 billion, a PE ratio of -732.59 and a beta of 1.98. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35. The company has a 50-day moving average of $185.42 and a 200 day moving average of $203.02.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $591.67 million. During the same quarter in the prior year, the firm earned $0.19 EPS. Cloudflare’s quarterly revenue was up 33.6% on a year-over-year basis. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $189.47, for a total transaction of $9,925,196.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 41,557 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the sale, the chief financial officer owned 85,452 shares of the company’s stock, valued at $15,812,038.08. This represents a 32.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 526,210 shares of company stock worth $97,324,213 in the last quarter. Company insiders own 10.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Cloudflare in a report on Wednesday, January 21st. Scotiabank reduced their target price on Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. Guggenheim raised their price target on shares of Cloudflare from $117.00 to $140.00 and gave the stock a “sell” rating in a report on Wednesday, February 11th. New Street Research set a $140.00 target price on Cloudflare in a report on Wednesday, February 11th. Finally, Morgan Stanley set a $245.00 price target on Cloudflare in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Cloudflare currently has a consensus rating of “Moderate Buy” and a consensus target price of $233.38.

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.