Xponance Inc. Acquires 1,517 Shares of Cloudflare, Inc. (NYSE:NET)

Xponance Inc. boosted its holdings in Cloudflare, Inc. (NYSE:NET) by 2.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,989 shares of the company’s stock after buying an additional 1,517 shares during the period. Xponance Inc.’s holdings in Cloudflare were worth $4,389,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of NET. Baillie Gifford & Co. grew its position in Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after purchasing an additional 2,575,396 shares during the last quarter. 1832 Asset Management L.P. grew its position in Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares in the last quarter. Vanguard Group Inc. increased its stake in Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares during the period. Capital World Investors raised its holdings in Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after acquiring an additional 584,566 shares in the last quarter. Finally, SpiderRock Advisors LLC bought a new stake in shares of Cloudflare in the 1st quarter worth approximately $37,740,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.65, for a total value of $247,950.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at approximately $16,141,792.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the completion of the sale, the chief accounting officer now owns 80,183 shares in the company, valued at $6,546,941.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $82.65, for a total value of $247,950.00. Following the transaction, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The disclosure for this sale can be found here. In the last three months, insiders sold 564,032 shares of company stock valued at $45,444,694. 12.83% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NET has been the subject of a number of recent research reports. Morgan Stanley restated an “equal weight” rating and issued a $92.00 target price on shares of Cloudflare in a research note on Monday, June 17th. Wolfe Research assumed coverage on shares of Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Piper Sandler upped their target price on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Royal Bank of Canada raised their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Cantor Fitzgerald lifted their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $92.29.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $83.41 on Thursday. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The firm has a 50 day simple moving average of $79.59 and a 200 day simple moving average of $82.13. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The firm has a market cap of $28.50 billion, a P/E ratio of -157.38 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The firm had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. During the same period last year, the company earned ($0.12) EPS. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. Sell-side analysts predict that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

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.