Vanguard Group Inc. Buys 412,864 Shares of Cloudflare, Inc. (NYSE:NET)

Vanguard Group Inc. raised its stake in shares of Cloudflare, Inc. (NYSE:NET) by 1.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,572,053 shares of the company’s stock after acquiring an additional 412,864 shares during the quarter. Vanguard Group Inc. owned approximately 8.46% of Cloudflare worth $2,766,632,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in NET. Norges Bank bought a new position in Cloudflare in the 4th quarter valued at $221,858,000. 1832 Asset Management L.P. raised its holdings in shares of Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Capital World Investors lifted its position in Cloudflare by 1.8% during the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after buying an additional 487,308 shares in the last quarter. SpiderRock Advisors LLC bought a new stake in Cloudflare during the 1st quarter worth about $37,740,000. Finally, Los Angeles Capital Management LLC increased its position in Cloudflare by 140.8% in the 1st quarter. Los Angeles Capital Management LLC now owns 453,651 shares of the company’s stock valued at $43,927,000 after acquiring an additional 265,281 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the transaction, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at $25,036,551.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cloudflare news, Director Carl Ledbetter sold 8,022 shares of Cloudflare stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the sale, the director now directly owns 1,196,793 shares in the company, valued at approximately $104,707,419.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $73.97, for a total value of $1,109,550.00. Following the completion of the transaction, the chief financial officer now owns 338,469 shares of the company’s stock, valued at approximately $25,036,551.93. The disclosure for this sale can be found here. Insiders have sold 724,247 shares of company stock valued at $56,316,063 in the last 90 days. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Up 0.2 %

NYSE NET traded up $0.14 during trading hours on Friday, reaching $78.66. 2,336,597 shares of the company’s stock were exchanged, compared to its average volume of 2,661,651. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. The company has a market capitalization of $26.73 billion, a price-to-earnings ratio of -148.42 and a beta of 1.10. The company’s 50-day moving average is $77.18 and its two-hundred day moving average is $85.31. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $378.60 million during the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. On average, analysts forecast that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. UBS Group upgraded shares of Cloudflare from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $82.00 in a research report on Tuesday, June 25th. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research report on Friday, May 31st. DZ Bank upgraded Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research report on Tuesday, May 7th. JPMorgan Chase & Co. decreased their price target on Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, TD Cowen dropped their price objective on Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $90.92.

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.