Cloudflare, Inc. (NYSE:NET) Position Increased by abrdn plc

abrdn plc grew its holdings in Cloudflare, Inc. (NYSE:NET) by 104.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,685 shares of the company’s stock after purchasing an additional 50,819 shares during the period. abrdn plc’s holdings in Cloudflare were worth $8,300,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Cloudflare by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company’s stock valued at $1,728,448,000 after purchasing an additional 395,363 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Cloudflare by 0.9% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock valued at $109,451,000 after purchasing an additional 14,984 shares during the period. Northern Trust Corp increased its holdings in shares of Cloudflare by 3.1% in the 3rd quarter. Northern Trust Corp now owns 1,733,639 shares of the company’s stock valued at $109,289,000 after purchasing an additional 51,345 shares during the period. Deutsche Bank AG increased its holdings in shares of Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Cloudflare by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 983,507 shares of the company’s stock valued at $62,000,000 after purchasing an additional 11,342 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Up 1.4 %

NET opened at $87.98 on Friday. The stock has a market capitalization of $29.71 billion, a price-to-earnings ratio of -159.96 and a beta of 1.12. Cloudflare, Inc. has a 1-year low of $39.90 and a 1-year high of $116.00. The business has a 50 day moving average of $95.10 and a 200-day moving average of $82.53. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. The company had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Insider Activity

In related news, Director Carl Ledbetter sold 10,031 shares of Cloudflare stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $80.91, for a total value of $811,608.21. Following the completion of the sale, the director now directly owns 1,454,919 shares in the company, valued at $117,717,496.29. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cloudflare news, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the transaction, the chief operating officer now owns 38,545 shares in the company, valued at $3,899,597.65. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Carl Ledbetter sold 10,031 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $80.91, for a total value of $811,608.21. Following the transaction, the director now owns 1,454,919 shares in the company, valued at approximately $117,717,496.29. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,046,356 shares of company stock worth $101,906,480. 14.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. KeyCorp increased their price objective on Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Cantor Fitzgerald restated a “neutral” rating and issued a $100.00 price objective on shares of Cloudflare in a report on Wednesday, April 17th. Capital One Financial assumed coverage on Cloudflare in a report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price objective on the stock. Mizuho dropped their price objective on Cloudflare from $105.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, April 15th. Finally, Sanford C. Bernstein assumed coverage on Cloudflare in a report on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $87.08.

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.