National Bank of Canada FI Acquires 1,261 Shares of Cloudflare, Inc. (NYSE:NET)

National Bank of Canada FI raised its stake in shares of Cloudflare, Inc. (NYSE:NET) by 17.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,292 shares of the company’s stock after acquiring an additional 1,261 shares during the quarter. National Bank of Canada FI’s holdings in Cloudflare were worth $671,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in 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 during the last quarter. Marshall Wace LLP grew its position in shares of Cloudflare by 123.4% in the 2nd 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. WIM INVESTMENT MANAGEMENT Ltd bought a new position in shares of Cloudflare during the 3rd quarter worth approximately $25,588,000. American Century Companies Inc. lifted 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 during the last quarter. Finally, Glynn Capital Management LLC acquired a new stake in Cloudflare in the second quarter valued at approximately $16,765,000. 82.68% of the stock is owned by institutional investors.

Cloudflare Trading Down 1.1 %

NET stock opened at $113.60 on Friday. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $116.00. The business’s 50-day moving average is $96.10 and its 200 day moving average is $85.03. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market cap of $38.99 billion, a price-to-earnings ratio of -436.92 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly 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). 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 for the quarter, compared to analyst estimates of $423.65 million. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $113.16, for a total value of $2,901,422.40. Following the completion of the sale, the chief operating officer now directly owns 172,959 shares in the company, valued at $19,572,040.44. This represents a 12.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $79.19, for a total value of $1,187,850.00. Following the transaction, the chief financial officer now owns 281,403 shares in the company, valued at approximately $22,284,303.57. The trade was a 5.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 524,824 shares of company stock valued at $49,037,888 over the last 90 days. 12.83% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NET has been the subject of several analyst reports. Wells Fargo & Company increased their price objective on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $92.00 to $130.00 in a report on Monday, December 2nd. Scotiabank raised their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Piper Sandler lifted their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, UBS Group increased their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $95.20.

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.