Truist Financial Corp Purchases 610 Shares of Cloudflare, Inc. (NYSE:NET)

Truist Financial Corp lifted its position in Cloudflare, Inc. (NYSE:NETGet Rating) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,813 shares of the company’s stock after acquiring an additional 610 shares during the quarter. Truist Financial Corp’s holdings in Cloudflare were worth $985,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in NET. Antonetti Capital Management LLC purchased a new position in Cloudflare in the second quarter valued at about $35,000. Patriot Financial Group Insurance Agency LLC grew its stake in Cloudflare by 82.6% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,176 shares of the company’s stock valued at $51,000 after purchasing an additional 532 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in Cloudflare in the second quarter valued at about $52,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Cloudflare in the second quarter valued at about $116,000. Finally, Column Capital Advisors LLC grew its stake in Cloudflare by 15.0% in the second quarter. Column Capital Advisors LLC now owns 3,156 shares of the company’s stock valued at $138,000 after purchasing an additional 412 shares during the last quarter. 69.97% of the stock is currently owned by institutional investors.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 74,710 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $39.90, for a total transaction of $2,980,929.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Matthew Prince sold 74,710 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $39.90, for a total transaction of $2,980,929.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Douglas James Kramer sold 4,500 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $50.00, for a total value of $225,000.00. Following the transaction, the general counsel now directly owns 55,644 shares of the company’s stock, valued at $2,782,200. The disclosure for this sale can be found here. Insiders sold a total of 495,785 shares of company stock valued at $22,885,776 in the last three months. 15.99% of the stock is currently owned by company insiders.

Cloudflare Trading Up 6.8 %

Shares of NYSE:NET opened at $45.60 on Friday. Cloudflare, Inc. has a 12-month low of $37.37 and a 12-month high of $132.45. The company has a market capitalization of $14.99 billion, a PE ratio of -65.14 and a beta of 1.03. The business has a 50 day moving average of $45.94 and a two-hundred day moving average of $53.24. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 2.42.

Cloudflare (NYSE:NETGet Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $253.86 million during the quarter, compared to the consensus estimate of $250.20 million. Cloudflare had a negative return on equity of 27.82% and a negative net margin of 25.16%. As a group, analysts forecast that Cloudflare, Inc. will post -0.4 EPS for the current year.

Analyst Ratings Changes

NET has been the topic of several analyst reports. Truist Financial cut their target price on Cloudflare from $80.00 to $57.00 in a research note on Monday, January 9th. JPMorgan Chase & Co. upgraded Cloudflare from an “underweight” rating to a “neutral” rating and set a $42.00 price target on the stock in a research note on Monday, November 28th. KeyCorp dropped their price target on Cloudflare from $98.00 to $59.00 and set an “overweight” rating on the stock in a research note on Friday, November 4th. Cantor Fitzgerald boosted their price target on Cloudflare from $55.00 to $65.00 in a research note on Friday, November 4th. Finally, JMP Securities dropped their price target on Cloudflare from $150.00 to $90.00 and set a “market outperform” rating on the stock in a research note on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $75.33.

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.

See Also

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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