Prudential PLC raised its holdings in Cloudflare, Inc. (NYSE:NET – Get Rating) by 51.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 43,685 shares of the company’s stock after acquiring an additional 14,763 shares during the period. Prudential PLC’s holdings in Cloudflare were worth $5,745,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in NET. Morgan Stanley lifted its position in shares of Cloudflare by 120.2% in the 2nd quarter. Morgan Stanley now owns 28,729,894 shares of the company’s stock worth $3,040,771,000 after acquiring an additional 15,680,274 shares during the period. NN Investment Partners Holdings N.V. lifted its position in shares of Cloudflare by 5.6% in the 3rd quarter. NN Investment Partners Holdings N.V. now owns 29,846 shares of the company’s stock worth $3,363,000 after acquiring an additional 1,595 shares during the period. Creative Planning lifted its position in shares of Cloudflare by 34.2% during the 3rd quarter. Creative Planning now owns 6,404 shares of the company’s stock worth $721,000 after buying an additional 1,632 shares during the period. Panagora Asset Management Inc. lifted its position in shares of Cloudflare by 421.3% during the 3rd quarter. Panagora Asset Management Inc. now owns 42,801 shares of the company’s stock worth $4,822,000 after buying an additional 34,591 shares during the period. Finally, AlphaCrest Capital Management LLC bought a new position in shares of Cloudflare during the 3rd quarter worth approximately $531,000. 69.96% of the stock is currently owned by hedge funds and other institutional investors.
NET has been the subject of several analyst reports. Robert W. Baird cut their target price on Cloudflare from $210.00 to $130.00 and set a “neutral” rating for the company in a research report on Friday, February 11th. Zacks Investment Research downgraded Cloudflare from a “buy” rating to a “hold” rating in a research report on Thursday, April 14th. Cowen cut their target price on Cloudflare from $250.00 to $200.00 in a research report on Monday, May 2nd. JMP Securities assumed coverage on Cloudflare in a research report on Tuesday, February 22nd. They issued a “buy” rating and a $175.00 price objective for the company. Finally, Truist Financial cut their price objective on Cloudflare from $180.00 to $140.00 in a research report on Friday, May 6th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $132.98.
Cloudflare (NYSE:NET – Get Rating) last issued its earnings results on Thursday, May 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.10. The company had revenue of $212.20 million for the quarter, compared to analyst estimates of $205.66 million. Cloudflare had a negative net margin of 35.83% and a negative return on equity of 17.74%. The company’s revenue for the quarter was up 53.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.11) EPS. On average, sell-side analysts predict that Cloudflare, Inc. will post -0.41 EPS for the current year.
In related news, Director Carl Ledbetter sold 20,000 shares of the stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $122.51, for a total value of $2,450,200.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $56.88, for a total transaction of $2,979,601.92. The disclosure for this sale can be found here. Insiders sold a total of 580,671 shares of company stock worth $61,108,321 in the last ninety days. Insiders own 20.69% of the company’s stock.
About Cloudflare (Get Rating)
CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.
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