The Manufacturers Life Insurance Company Increases Stake in Cloudflare, Inc. (NYSE:NET)

The Manufacturers Life Insurance Company raised its holdings in Cloudflare, Inc. (NYSE:NET) by 5.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,308 shares of the company’s stock after buying an additional 734 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cloudflare were worth $1,157,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of NET. CVA Family Office LLC raised its holdings in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares in the last quarter. Quarry LP lifted its position in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Cloudflare during the third quarter worth $38,000. Quest Partners LLC purchased a new position in Cloudflare in the third quarter valued at $54,000. Finally, Blue Trust Inc. raised its stake in Cloudflare by 37,600.0% in the second quarter. Blue Trust Inc. now owns 754 shares of the company’s stock valued at $62,000 after buying an additional 752 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $78.36, for a total transaction of $1,175,400.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at approximately $22,050,739.08. The trade was a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the sale, the insider now owns 185,386 shares in the company, valued at $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 473,544 shares of company stock worth $43,247,351 over the last 90 days. Company insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NYSE NET opened at $114.49 on Thursday. 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 business’s 50 day moving average is $94.79 and its two-hundred day moving average is $84.47. The stock has a market capitalization of $39.29 billion, a price-to-earnings ratio of -440.33 and a beta of 1.10. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Research analysts expect that Cloudflare, Inc. will post -0.1 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NET shares. UBS Group upped their price objective on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $92.00 to $130.00 in a research note on Monday, December 2nd. Scotiabank boosted their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. BNP Paribas started coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price on the stock. Finally, Mizuho boosted their price target on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $94.40.

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.