Principal Financial Group Inc. Cuts Stock Position in Cloudflare, Inc. (NYSE:NET)

Principal Financial Group Inc. reduced its position in Cloudflare, Inc. (NYSE:NET) by 51.0% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 82,257 shares of the company’s stock after selling 85,658 shares during the quarter. Principal Financial Group Inc.’s holdings in Cloudflare were worth $6,654,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Hartline Investment Corp lifted its position in shares of Cloudflare by 7.6% during the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after acquiring an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in Cloudflare during the 3rd quarter worth about $25,588,000. Charles Schwab Investment Management Inc. lifted its holdings in Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after purchasing an additional 29,960 shares in the last quarter. National Pension Service boosted its stake in shares of Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after purchasing an additional 4,062 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Cloudflare in the second quarter valued at approximately $7,319,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Down 1.2 %

NET opened at $107.68 on Thursday. The stock’s fifty day moving average is $101.84 and its 200-day moving average is $88.66. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $119.42. The company has a market capitalization of $36.96 billion, a PE ratio of -414.15 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. On average, equities analysts predict that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the transaction, the insider now owns 185,386 shares of the company’s stock, valued at $16,425,199.60. The trade was a 1.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $111.90, for a total transaction of $5,861,769.60. Following the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,204,267.80. The trade was a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 614,592 shares of company stock valued at $60,146,600. Corporate insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on NET shares. Jefferies Financial Group boosted their price target on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Mizuho increased their target price on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. UBS Group increased their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. BNP Paribas started coverage on Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price on the stock. Finally, Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $92.00 to $130.00 in a research note on Monday, December 2nd. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $97.81.

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.