First Citizens Bank & Trust Co. Makes New Investment in Cloudflare, Inc. (NYSE:NET)


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First Citizens Bank & Trust Co. bought a new stake in shares of Cloudflare, Inc. (NYSE:NET) during the 4th quarter, Holdings Channel.com reports. The fund bought 22,426 shares of the company’s stock, valued at approximately $1,704,000.

Several other large investors also recently made changes to their positions in NET. Nuveen Asset Management LLC bought a new stake in Cloudflare during the second quarter valued at about $9,102,000. SG Americas Securities LLC boosted its stake in Cloudflare by 13.4% in the 3rd quarter. SG Americas Securities LLC now owns 21,357 shares of the company’s stock worth $877,000 after purchasing an additional 2,522 shares in the last quarter. ExodusPoint Capital Management LP grew its holdings in shares of Cloudflare by 472.6% during the third quarter. ExodusPoint Capital Management LP now owns 168,043 shares of the company’s stock valued at $6,900,000 after buying an additional 138,697 shares during the last quarter. Creative Financial Designs Inc. ADV acquired a new position in shares of Cloudflare in the fourth quarter valued at about $42,000. Finally, Allianz Asset Management GmbH purchased a new position in Cloudflare during the 3rd quarter worth approximately $39,630,000. Institutional investors and hedge funds own 47.92% of the company’s stock.

In other news, CFO Thomas J. Seifert sold 30,000 shares of the firm’s stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $56.02, for a total transaction of $1,680,600.00. Following the completion of the transaction, the chief financial officer now directly owns 30,000 shares in the company, valued at $1,680,600. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Michelle Zatlyn sold 48,700 shares of Cloudflare stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $58.96, for a total value of $2,871,352.00. The disclosure for this sale can be found here. Insiders sold a total of 1,103,120 shares of company stock valued at $75,034,153 over the last ninety days. Corporate insiders own 35.89% of the company’s stock.

NET opened at $82.48 on Thursday. The firm has a market capitalization of $25.35 billion, a price-to-earnings ratio of -211.48 and a beta of 0.01. The company’s 50 day simple moving average is $78.84 and its two-hundred day simple moving average is $53.33. Cloudflare, Inc. has a 1-year low of $15.05 and a 1-year high of $88.77. The company has a debt-to-equity ratio of 0.45, a current ratio of 8.61 and a quick ratio of 8.61.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $114.16 million during the quarter, compared to analysts’ expectations of $103.18 million. Cloudflare had a negative return on equity of 12.16% and a negative net margin of 29.17%. The business’s revenue for the quarter was up 54.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 earnings per share. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.31 earnings per share for the current fiscal year.

Several research firms recently commented on NET. BTIG Research upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Friday, November 6th. Oppenheimer raised their price objective on Cloudflare from $55.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, November 2nd. Jefferies Financial Group boosted their price objective on Cloudflare from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, November 6th. JPMorgan Chase & Co. lowered Cloudflare from an “overweight” rating to a “neutral” rating and set a $83.00 target price on the stock. in a research report on Wednesday, December 9th. Finally, FBN Securities assumed coverage on shares of Cloudflare in a report on Thursday, October 8th. They issued an “outperform” rating and a $55.00 price target for the company. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Cloudflare currently has a consensus rating of “Buy” and a consensus target price of $57.35.

About Cloudflare

CloudFlare, Inc operates a cloud platform that delivers a range of network services to businesses worldwide. The company provides 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 Internet of Things (IoT) devices.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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