Cloudflare, Inc. (NYSE:NET) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Cloudflare, Inc. (NYSE:NET) by 3.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,599,468 shares of the company’s stock after selling 61,957 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.47% of Cloudflare worth $129,381,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its holdings in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Cloudflare by 86.6% during the first quarter. Janney Montgomery Scott LLC now owns 13,800 shares of the company’s stock worth $1,336,000 after purchasing an additional 6,405 shares during the last quarter. Empowered Funds LLC grew its stake in Cloudflare by 24.3% in the first quarter. Empowered Funds LLC now owns 3,528 shares of the company’s stock worth $342,000 after purchasing an additional 689 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Cloudflare by 8.9% in the first quarter. Russell Investments Group Ltd. now owns 82,392 shares of the company’s stock valued at $7,968,000 after buying an additional 6,714 shares during the last quarter. Finally, Avantax Advisory Services Inc. bought a new position in Cloudflare during the 1st quarter worth approximately $676,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Trading Up 3.6 %

Shares of NET stock opened at $94.16 on Thursday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a 50-day simple moving average of $85.57 and a 200 day simple moving average of $80.80. Cloudflare, Inc. has a fifty-two week low of $66.04 and a fifty-two week high of $116.00. The stock has a market capitalization of $32.17 billion, a P/E ratio of -362.15 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total transaction of $976,114.80. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $14,632,356.78. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $78.05, for a total value of $1,170,750.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $21,963,504.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at $14,632,356.78. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 477,043 shares of company stock worth $39,737,342 in the last three months. 12.83% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of research analyst reports. BNP Paribas initiated coverage on Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Susquehanna raised their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Scotiabank lifted their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Guggenheim increased their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Finally, Wells Fargo & Company lifted their target price on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $92.88.

About Cloudflare

Cloudflare, Inc operates as a cloud services provider that delivers a range of 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 IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.