Cloudflare, Inc. (NYSE:NET) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its holdings in Cloudflare, Inc. (NYSE:NET) by 13.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,132 shares of the company’s stock after acquiring an additional 824 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cloudflare were worth $594,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. ICA Group Wealth Management LLC acquired a new stake in Cloudflare in the 4th quarter valued at about $38,000. GAMMA Investing LLC acquired a new stake in Cloudflare during the 4th quarter worth about $39,000. Pingora Partners LLC acquired a new stake in Cloudflare during the 4th quarter worth about $42,000. Massmutual Trust Co. FSB ADV raised its holdings in Cloudflare by 1,976.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock worth $45,000 after buying an additional 514 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Cloudflare by 98.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock worth $50,000 after buying an additional 296 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $97.16, for a total transaction of $291,480.00. Following the completion of the sale, the insider now owns 205,238 shares of the company’s stock, valued at $19,940,924.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $97.16, for a total value of $291,480.00. Following the completion of the sale, the insider now directly owns 205,238 shares of the company’s stock, valued at $19,940,924.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carl Ledbetter sold 8,030 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $79.89, for a total value of $641,516.70. Following the completion of the sale, the director now directly owns 1,084,364 shares of the company’s stock, valued at $86,629,839.96. The disclosure for this sale can be found here. Insiders sold 700,796 shares of company stock valued at $56,919,603 over the last 90 days. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Down 1.7 %

Shares of Cloudflare stock opened at $79.28 on Thursday. The stock has a market capitalization of $26.94 billion, a P/E ratio of -149.58 and a beta of 1.08. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock has a 50 day moving average price of $77.01 and a two-hundred day moving average price of $85.35. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00.

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

Wall Street Analyst Weigh In

Several analysts have issued reports on NET shares. TD Cowen cut their price objective on Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. JPMorgan Chase & Co. cut their price objective on Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Citigroup cut their price objective on Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Oppenheimer dropped 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. Finally, Mizuho dropped their target price on Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.96.

Cloudflare Company 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.