Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Acquires 8,300 Shares of Cloudflare, Inc. (NYSE:NET)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of Cloudflare, Inc. (NYSE:NETGet Rating) by 3.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 279,403 shares of the company’s stock after purchasing an additional 8,300 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned approximately 0.09% of Cloudflare worth $15,454,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NET. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cloudflare by 7.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 103,249 shares of the company’s stock valued at $4,517,000 after acquiring an additional 7,016 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in Cloudflare by 0.7% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,482,780 shares of the company’s stock worth $82,013,000 after purchasing an additional 10,202 shares during the last quarter. Lake Street Advisors Group LLC acquired a new stake in Cloudflare in the 2nd quarter worth $890,000. Nwam LLC raised its position in shares of Cloudflare by 5.3% during the second quarter. Nwam LLC now owns 4,931 shares of the company’s stock valued at $249,000 after buying an additional 246 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Cloudflare by 11.3% during the second quarter. Legal & General Group Plc now owns 2,667,897 shares of the company’s stock valued at $116,721,000 after buying an additional 270,389 shares during the last quarter. Institutional investors own 69.97% of the company’s stock.

Insider Activity

In related news, CFO Thomas J. Seifert sold 20,000 shares of Cloudflare stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $40.78, for a total value of $815,600.00. Following the completion of the sale, the chief financial officer now directly owns 86,433 shares in the company, valued at $3,524,737.74. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Thomas J. Seifert sold 20,000 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $40.78, for a total value of $815,600.00. Following the transaction, the chief financial officer now directly owns 86,433 shares in the company, valued at approximately $3,524,737.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Douglas James Kramer sold 4,500 shares of the stock in a transaction on Friday, November 11th. The stock was sold at an average price of $50.00, for a total transaction of $225,000.00. Following the completion of the sale, the general counsel now owns 55,644 shares in the company, valued at $2,782,200. The disclosure for this sale can be found here. Insiders have sold 475,785 shares of company stock valued at $21,984,376 over the last 90 days. 15.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NET shares. Morgan Stanley lowered their price target on Cloudflare from $76.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Monday, November 7th. JPMorgan Chase & Co. upgraded Cloudflare from an “underweight” rating to a “neutral” rating and set a $42.00 target price for the company in a research note on Monday, November 28th. KeyCorp decreased their price target on shares of Cloudflare from $98.00 to $59.00 and set an “overweight” rating on the stock in a research note on Friday, November 4th. Mizuho cut their price target on shares of Cloudflare from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, November 4th. Finally, Credit Suisse Group lowered their price objective on Cloudflare from $125.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, November 4th. Eleven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $78.58.

Cloudflare Price Performance

Shares of NET stock opened at $43.93 on Monday. Cloudflare, Inc. has a 1 year low of $37.37 and a 1 year high of $132.45. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 2.42. The firm’s 50 day moving average is $45.84 and its 200-day moving average is $53.38.

Cloudflare (NYSE:NETGet Rating) last posted its quarterly earnings data on Thursday, November 3rd. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $253.86 million during the quarter, compared to analysts’ expectations of $250.20 million. Cloudflare had a negative net margin of 25.16% and a negative return on equity of 27.82%. As a group, research analysts expect that Cloudflare, Inc. will post -0.4 EPS for the current fiscal year.

About Cloudflare

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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