Cloudflare, Inc. (NYSE:NET) Holdings Cut by Bamco Inc. NY

Bamco Inc. NY lowered its stake in shares of Cloudflare, Inc. (NYSE:NET) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 850,480 shares of the company’s stock after selling 13,683 shares during the period. Bamco Inc. NY owned about 0.25% of Cloudflare worth $68,795,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Baillie Gifford & Co. grew its stake in Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Cloudflare by 1.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after buying an additional 19,446 shares in the last quarter. Marshall Wace LLP increased its holdings in Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after buying an additional 855,334 shares during the last quarter. American Century Companies Inc. raised its position in Cloudflare by 24.8% during the second 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Cloudflare by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,251,670 shares of the company’s stock valued at $103,676,000 after acquiring an additional 35,884 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NET. Scotiabank raised 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. Susquehanna boosted their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Wells Fargo & Company lifted their target price on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. BNP Paribas initiated coverage on shares of Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Finally, Mizuho upped their price target on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.88.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 35,118 shares of Cloudflare stock in a transaction on Monday, November 25th. The stock was sold at an average price of $105.30, for a total value of $3,697,925.40. Following the completion of the sale, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $18,212,582.70. This trade represents a 16.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $78.05, for a total value of $1,170,750.00. Following the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at $21,963,504.15. This trade represents a 5.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 606,952 shares of company stock worth $53,078,202 in the last three months. Insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

Cloudflare stock opened at $99.83 on Monday. The firm has a market capitalization of $34.26 billion, a P/E ratio of -383.96 and a beta of 1.10. The stock has a fifty day moving average price of $90.25 and a two-hundred day moving average price of $82.52. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $116.00. 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 (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million during 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%. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.