Principal Securities Inc. Acquires New Stake in Cloudflare, Inc. (NYSE:NET)

Principal Securities Inc. bought a new position in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 3,617 shares of the company’s stock, valued at approximately $301,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of NET. Truist Financial Corp raised its position in Cloudflare by 1.2% in the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock valued at $2,364,000 after buying an additional 331 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Cloudflare by 5.1% in the third 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 last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Cloudflare in the third quarter worth $569,000. International Assets Investment Management LLC acquired a new position in Cloudflare during the fourth quarter worth $11,639,000. Finally, Blueshift Asset Management LLC grew its position in Cloudflare by 100.2% in the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after purchasing an additional 12,974 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

NET has been the topic of several analyst reports. The Goldman Sachs Group cut their price target on shares of Cloudflare from $89.00 to $77.00 and set a “sell” rating on the stock in a research report on Monday, May 6th. DZ Bank upgraded Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a report on Tuesday, May 7th. Oppenheimer lowered their price target on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Needham & Company LLC reissued a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a report on Friday, May 3rd. Finally, Robert W. Baird lowered their target price on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare has an average rating of “Hold” and a consensus target price of $91.87.

Cloudflare Stock Up 1.2 %

NYSE:NET opened at $75.15 on Friday. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The stock has a 50 day simple moving average of $89.15 and a 200 day simple moving average of $84.35. Cloudflare, Inc. has a 1-year low of $51.25 and a 1-year high of $116.00.

Insider Transactions at Cloudflare

In related news, Director Carl Ledbetter sold 30,145 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the transaction, the director now directly owns 1,166,648 shares of the company’s stock, valued at $85,001,973.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 30,145 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the transaction, the director now owns 1,166,648 shares in the company, valued at approximately $85,001,973.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total value of $4,955,002.56. Following the sale, the chief executive officer now owns 12,183 shares of the company’s stock, valued at $1,152,389.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 793,702 shares of company stock valued at $72,304,567. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Profile

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.