Cloudflare, Inc. (NYSE:NET) Shares Bought by Parnassus Investments LLC

Parnassus Investments LLC lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 1,851.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 138,410 shares of the company’s stock after buying an additional 131,319 shares during the quarter. Parnassus Investments LLC’s holdings in Cloudflare were worth $11,196,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Baillie Gifford & Co. increased its holdings in Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. Capital World Investors increased its stake in shares of Cloudflare by 2.1% during the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after purchasing an additional 584,566 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Cloudflare by 1.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock worth $137,616,000 after purchasing an additional 19,446 shares during the last quarter. Marshall Wace LLP lifted its stake in Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after buying an additional 855,334 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in Cloudflare by 24.8% during the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after buying an additional 277,228 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on NET shares. Robert W. Baird upped their price objective on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Piper Sandler upped their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Susquehanna upped 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. Mizuho lifted their price target on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $92.88.

Cloudflare Stock Up 2.8 %

Shares of NYSE NET opened at $92.32 on Tuesday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00. The stock’s 50-day simple moving average is $86.12 and its 200-day simple moving average is $80.78.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. As a group, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $78.05, for a total transaction of $1,170,750.00. Following the transaction, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $21,963,504.15. This trade represents a 5.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the sale, the insider now owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This trade represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 543,199 shares of company stock worth $46,183,984. Insiders own 12.83% of the company’s stock.

Cloudflare Profile

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.