Cloudflare, Inc. (NYSE:NET) Shares Acquired by Amalgamated Bank

Amalgamated Bank lifted its stake in shares of Cloudflare, Inc. (NYSE:NETGet Rating) by 25.8% in the first quarter, Holdings Channel reports. The institutional investor owned 29,177 shares of the company’s stock after buying an additional 5,986 shares during the quarter. Amalgamated Bank’s holdings in Cloudflare were worth $3,492,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $50.34, for a total value of $2,637,010.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Cloudflare news, CAO Paul D. Underwood sold 6,000 shares of the firm’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $70.00, for a total transaction 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 approximately $2,102,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $50.34, for a total value of $2,637,010.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 320,304 shares of company stock valued at $20,817,806. 15.99% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NET has been the topic of several research analyst reports. Guggenheim initiated coverage on Cloudflare in a research note on Friday, August 12th. They set a “neutral” rating and a $82.00 price objective on the stock. Wells Fargo & Company cut their target price on Cloudflare from $60.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Monday, July 18th. Credit Suisse Group cut their target price on Cloudflare to $125.00 in a research note on Tuesday, August 9th. Moffett Nathanson assumed coverage on Cloudflare in a research note on Thursday. They issued a “buy” rating and a $114.00 target price on the stock. Finally, Cantor Fitzgerald assumed coverage on Cloudflare in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 target price on the stock. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $112.57.

Cloudflare Price Performance

NYSE:NET opened at $56.92 on Friday. The business’s 50-day moving average price is $61.73 and its 200 day moving average price is $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, Inc. has a 52-week low of $38.96 and a 52-week high of $221.64. The company has a quick ratio of 5.45, a current ratio of 5.45 and a debt-to-equity ratio of 2.47.

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

Cloudflare 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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