Principal Financial Group Inc. Lowers Holdings in Cloudflare, Inc. (NYSE:NET)

Principal Financial Group Inc. reduced its position in shares of Cloudflare, Inc. (NYSE:NET) by 7.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,485 shares of the company’s stock after selling 5,772 shares during the period. Principal Financial Group Inc.’s holdings in Cloudflare were worth $8,236,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in NET. Hartline Investment Corp increased its stake in Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock worth $21,062,000 after purchasing an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd bought a new stake in shares of Cloudflare in the 3rd quarter worth approximately $25,588,000. Charles Schwab Investment Management Inc. boosted its stake 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 worth $93,656,000 after purchasing an additional 29,960 shares in the last quarter. National Pension Service boosted its stake in Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after purchasing an additional 4,062 shares during the last quarter. Finally, Strategic Blueprint LLC purchased a new stake in Cloudflare in the fourth quarter worth approximately $265,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

NET opened at $145.48 on Friday. The firm’s fifty day simple moving average is $133.31 and its two-hundred day simple moving average is $105.43. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a market cap of $49.93 billion, a price-to-earnings ratio of -661.26 and a beta of 1.12. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NET. Truist Financial raised their target price on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Needham & Company LLC reissued a “buy” rating and set a $185.00 price target on shares of Cloudflare in a research note on Tuesday, February 18th. Susquehanna upped their target price on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Morgan Stanley upped their target price on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $136.28.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $109.90, for a total value of $1,648,500.00. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $27,790,303.10. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 638,046 shares of company stock valued at $81,243,344 over the last ninety days. Insiders own 12.83% of the company’s stock.

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.