Sumitomo Mitsui DS Asset Management Company Ltd Boosts Position in Cloudflare, Inc. (NYSE:NET)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Cloudflare, Inc. (NYSE:NET) by 17.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,942 shares of the company’s stock after purchasing an additional 4,230 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cloudflare were worth $2,260,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in NET. CVA Family Office LLC boosted its holdings in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares during the last quarter. Riverview Trust Co bought a new position in Cloudflare in the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Cloudflare during the 2nd quarter valued at $29,000. Finally, Quarry LP increased its stake in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $77.17, for a total value of $231,510.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at $15,071,532.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total transaction of $231,510.00. Following the transaction, the insider now directly owns 195,303 shares in the company, valued at $15,071,532.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $78.71, for a total value of $1,180,650.00. Following the sale, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at approximately $24,395,141.27. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 522,552 shares of company stock valued at $42,994,705. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Down 0.0 %

Shares of NYSE NET opened at $90.76 on Tuesday. Cloudflare, Inc. has a 1 year low of $53.88 and a 1 year high of $116.00. The firm has a 50-day simple moving average of $82.67 and a two-hundred day simple moving average of $80.80. The company has a market cap of $30.84 billion, a P/E ratio of -171.25 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The company’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.12) earnings per share. Research analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Guggenheim boosted their price target on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Cantor Fitzgerald boosted their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Piper Sandler raised their target price on shares of Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. UBS Group upgraded shares of Cloudflare from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $82.00 in a research report on Tuesday, June 25th. Finally, Royal Bank of Canada increased their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $91.72.

About Cloudflare

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.