Whittier Trust Co. Has $179,000 Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Whittier Trust Co. raised its position in Cloudflare, Inc. (NYSE:NET) by 14.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 2,167 shares of the company’s stock after buying an additional 266 shares during the period. Whittier Trust Co.’s holdings in Cloudflare were worth $179,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Baillie Gifford & Co. lifted its position in Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares during the period. Vanguard Group Inc. boosted its stake in Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after acquiring an additional 412,864 shares during the last quarter. Capital World Investors grew its holdings in Cloudflare by 2.1% during the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after acquiring an additional 584,566 shares during the period. 1832 Asset Management L.P. lifted its stake in shares of Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the period. Finally, Norges Bank bought a new position in shares of Cloudflare in the 4th quarter worth $221,858,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 102,580 shares of Cloudflare stock in a transaction on Monday, July 1st. The shares were sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the completion of the transaction, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at $17,444,232.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cloudflare news, COO Michelle Zatlyn sold 102,580 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the completion of the sale, the chief operating officer now directly owns 211,394 shares in the company, valued at $17,444,232.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Katrin Suder sold 574 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total value of $38,521.14. Following the completion of the transaction, the director now directly owns 51,162 shares in the company, valued at $3,433,481.82. The disclosure for this sale can be found here. Insiders have sold 577,622 shares of company stock worth $45,953,444 over the last 90 days. Company insiders own 12.83% of the company’s stock.

Cloudflare Trading Up 1.8 %

NYSE NET opened at $81.30 on Friday. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock has a 50 day moving average of $80.53 and a 200-day moving average of $84.79. The company has a market cap of $27.63 billion, a PE ratio of -153.40 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. The company’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.12) earnings per share. On average, equities research analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NET shares. Piper Sandler upped their price objective on Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research note on Tuesday, May 7th. Oppenheimer reduced their price target on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Guggenheim upped their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. reduced their target price on Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $92.29.

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.