Bank of America Corp DE Cuts Stake in Cloudflare, Inc. (NYSE:NET)

Bank of America Corp DE trimmed its position in shares of Cloudflare, Inc. (NYSE:NETGet Rating) by 3.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 1,068,414 shares of the company’s stock after selling 37,494 shares during the period. Bank of America Corp DE’s holdings in Cloudflare were worth $127,890,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NET. Capital World Investors grew its position in Cloudflare by 322.4% during the 4th quarter. Capital World Investors now owns 11,347,863 shares of the company’s stock valued at $1,492,244,000 after purchasing an additional 8,661,214 shares during the last quarter. Sands Capital Management LLC lifted its stake in Cloudflare by 53.6% during the 1st quarter. Sands Capital Management LLC now owns 13,550,528 shares of the company’s stock valued at $1,621,998,000 after acquiring an additional 4,731,354 shares during the period. Allianz Asset Management GmbH lifted its stake in Cloudflare by 574.2% during the 1st quarter. Allianz Asset Management GmbH now owns 2,894,091 shares of the company’s stock valued at $346,422,000 after acquiring an additional 2,464,830 shares during the period. Norges Bank bought a new position in Cloudflare during the 4th quarter valued at about $320,895,000. Finally, First Trust Advisors LP lifted its stake in Cloudflare by 30.4% during the 1st quarter. First Trust Advisors LP now owns 6,448,150 shares of the company’s stock valued at $771,844,000 after acquiring an additional 1,503,125 shares during the period. 71.69% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Trading Down 7.6 %

Shares of NET opened at $56.92 on Friday. The company has a debt-to-equity ratio of 2.47, a current ratio of 5.45 and a quick ratio of 5.45. Cloudflare, Inc. has a 1 year low of $38.96 and a 1 year high of $221.64. The company has a 50 day simple moving average of $61.73 and a two-hundred day simple moving average of $71.53. The firm has a market cap of $18.57 billion, a P/E ratio of -62.55 and a beta of 1.10.

Cloudflare (NYSE:NETGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.07). Cloudflare had a negative net margin of 35.66% and a negative return on equity of 23.62%. The company had revenue of $234.52 million for the quarter, compared to analysts’ expectations of $227.52 million. On average, equities analysts expect that Cloudflare, Inc. will post -0.53 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of several research analyst reports. Piper Sandler upped their target price on shares of Cloudflare from $57.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, August 5th. Wells Fargo & Company lowered their target price on shares of Cloudflare from $60.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Monday, July 18th. Guggenheim initiated coverage on shares of Cloudflare in a research note on Friday, August 12th. They set a “neutral” rating and a $82.00 target price on the stock. Royal Bank of Canada upped their target price on shares of Cloudflare from $62.00 to $74.00 in a research note on Friday, August 5th. Finally, Moffett Nathanson started coverage on shares of Cloudflare in a research note on Thursday. They issued a “buy” rating and a $114.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $112.57.

Insider Buying and Selling at Cloudflare

In related news, CAO Paul D. Underwood sold 6,000 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $70.00, for a total value of $420,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 30,030 shares of the company’s stock, valued at $2,102,100. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Paul D. Underwood sold 6,000 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $70.00, for a total value of $420,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 30,030 shares of the company’s stock, valued at $2,102,100. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $65.93, for a total transaction of $3,453,677.12. The disclosure for this sale can be found here. Insiders sold a total of 320,304 shares of company stock valued at $20,817,806 in the last three months. 15.99% of the stock is currently owned by corporate insiders.

Cloudflare Company Profile

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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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Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NETGet Rating).

Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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