Cloudflare, Inc. (NYSE:NET) Holdings Increased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Cloudflare, Inc. (NYSE:NETGet Rating) by 75.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,173 shares of the company’s stock after buying an additional 17,755 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cloudflare were worth $4,928,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Cloudflare by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock worth $2,795,953,000 after buying an additional 548,149 shares in the last quarter. Capital World Investors raised its position in shares of Cloudflare by 50.2% during the 1st quarter. Capital World Investors now owns 17,046,464 shares of the company’s stock worth $2,040,462,000 after buying an additional 5,698,601 shares in the last quarter. BlackRock Inc. raised its position in shares of Cloudflare by 4.2% during the 1st quarter. BlackRock Inc. now owns 15,091,856 shares of the company’s stock worth $1,806,495,000 after buying an additional 611,459 shares in the last quarter. Sands Capital Management LLC raised its position in shares of Cloudflare by 53.6% during the 1st quarter. Sands Capital Management LLC now owns 13,550,528 shares of the company’s stock worth $1,621,998,000 after buying an additional 4,731,354 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Cloudflare by 30.4% during the 1st quarter. First Trust Advisors LP now owns 6,448,150 shares of the company’s stock worth $771,844,000 after buying an additional 1,503,125 shares in the last quarter. 71.69% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

Shares of NET opened at $56.92 on Friday. The company’s 50 day moving average price is $61.73 and its 200 day moving average price is $71.53. Cloudflare, Inc. has a 52 week low of $38.96 and a 52 week high of $221.64. The company has a market capitalization of $18.57 billion, a PE ratio of -62.55 and a beta of 1.10. The company has a debt-to-equity ratio of 2.47, a quick ratio of 5.45 and a current ratio of 5.45.

Cloudflare (NYSE:NETGet Rating) last posted its earnings results on Thursday, August 4th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.07). The business had revenue of $234.52 million during the quarter, compared to the consensus estimate of $227.52 million. Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. Research analysts expect that Cloudflare, Inc. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $65.93, for a total value of $3,453,677.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Paul D. Underwood sold 6,000 shares of the business’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 sale, the chief accounting officer now directly owns 30,030 shares in the company, valued at $2,102,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, September 12th. The stock was 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 320,304 shares of company stock valued at $20,817,806 over the last ninety days. Corporate insiders own 15.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on NET. Wells Fargo & Company dropped their target price on shares of Cloudflare from $60.00 to $42.00 and set an “equal weight” rating on the stock in a report on Monday, July 18th. Piper Sandler boosted their target price on shares of Cloudflare from $57.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Royal Bank of Canada boosted their target price on shares of Cloudflare from $62.00 to $74.00 in a report on Friday, August 5th. Mizuho boosted their target price on shares of Cloudflare from $76.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Finally, Evercore ISI dropped their target price on shares of Cloudflare from $110.00 to $65.00 and set an “outperform” rating on the stock in a report on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $112.57.

About Cloudflare

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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.

Further Reading

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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