Vinva Investment Management Ltd Cuts Stake in Cloudflare, Inc. (NYSE:NET)

Vinva Investment Management Ltd reduced its stake in Cloudflare, Inc. (NYSE:NET) by 3.3% during the third quarter, according to its most recent filing with the SEC. The fund owned 12,932 shares of the company’s stock after selling 442 shares during the quarter. Vinva Investment Management Ltd’s holdings in Cloudflare were worth $1,055,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NET. Baillie Gifford & Co. boosted its holdings in shares of Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after buying an additional 2,575,396 shares during the last quarter. Marshall Wace LLP raised 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 acquiring an additional 855,334 shares during the period. WIM INVESTMENT MANAGEMENT Ltd bought a new stake in Cloudflare in the 3rd quarter valued at about $25,588,000. American Century Companies Inc. raised its stake in Cloudflare by 24.8% in the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after acquiring an additional 277,228 shares during the period. Finally, Glynn Capital Management LLC bought a new stake in Cloudflare in the 2nd quarter valued at about $16,765,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Up 0.5 %

Shares of NET opened at $99.88 on Friday. The firm has a market cap of $34.28 billion, a P/E ratio of -384.15 and a beta of 1.10. The stock has a 50 day simple moving average of $90.25 and a two-hundred day simple moving average of $82.40. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Scotiabank boosted their price objective on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. Royal Bank of Canada boosted their price objective on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Mizuho boosted their price objective on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Piper Sandler upped their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Cantor Fitzgerald upped their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average target price of $92.88.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total transaction of $4,089,095.04. Following the completion of the sale, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $840,003.66. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 64,100 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $81.60, for a total value of $5,230,560.00. Following the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $15,681,643.20. This trade represents a 25.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 606,952 shares of company stock valued at $53,078,202. 12.83% of the stock is currently owned by company insiders.

Cloudflare Company 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.