Gulf International Bank UK Ltd Acquires 5,180 Shares of Cloudflare, Inc. (NYSE:NET)

Gulf International Bank UK Ltd raised its stake in Cloudflare, Inc. (NYSE:NET) by 22.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,857 shares of the company’s stock after acquiring an additional 5,180 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Cloudflare were worth $2,697,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after buying an additional 740,914 shares in the last quarter. Capital World Investors grew its position in Cloudflare by 1.8% during the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after acquiring an additional 487,308 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after purchasing an additional 1,597,900 shares in the last quarter. Norges Bank bought a new position in Cloudflare in the fourth quarter valued at about $221,858,000. Finally, Northern Trust Corp boosted its stake in shares of Cloudflare by 3.1% during the third quarter. Northern Trust Corp now owns 1,733,639 shares of the company’s stock valued at $109,289,000 after purchasing an additional 51,345 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Stock Performance

NET opened at $77.94 on Friday. The company has a market cap of $26.48 billion, a price-to-earnings ratio of -147.06 and a beta of 1.08. The company’s fifty day moving average price is $77.63 and its two-hundred day moving average price is $85.30. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $378.60 million for the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. On average, analysts expect that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $94.91, for a total transaction of $1,423,650.00. Following the transaction, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at approximately $32,124,092.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 9,993 shares of Cloudflare stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $100.16, for a total transaction of $1,000,898.88. Following the transaction, the director now owns 1,275,004 shares of the company’s stock, valued at approximately $127,704,400.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $94.91, for a total value of $1,423,650.00. Following the completion of the transaction, the chief financial officer now owns 338,469 shares in the company, valued at approximately $32,124,092.79. The disclosure for this sale can be found here. In the last three months, insiders sold 662,119 shares of company stock valued at $54,101,374. 12.83% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Mizuho dropped their price objective on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. decreased their price objective on Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Oppenheimer cut their target price on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $92.00 price target on shares of Cloudflare in a research note on Monday, June 17th. Finally, KeyCorp cut their price objective on Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $90.70.

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.