Cloudflare, Inc. (NYSE:NET) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 5.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 14,308 shares of the company’s stock after acquiring an additional 734 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cloudflare were worth $1,157,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Baillie Gifford & Co. increased its holdings in shares of Cloudflare by 8.5% in the second 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. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Cloudflare by 1.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after acquiring an additional 19,446 shares during the period. Marshall Wace LLP boosted its holdings in shares of Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Cloudflare by 24.8% in the second quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock worth $115,526,000 after acquiring an additional 277,228 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Cloudflare by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,251,670 shares of the company’s stock worth $103,676,000 after purchasing an additional 35,884 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the sale, the insider now owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This trade represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maria S. Eitel sold 6,875 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.00, for a total value of $605,000.00. Following the completion of the transaction, the director now directly owns 5,927 shares in the company, valued at approximately $521,576. This trade represents a 53.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 473,544 shares of company stock valued at $43,247,351. Insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NET. Mizuho increased their price target on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. UBS Group upped their price objective on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Scotiabank lifted their target price on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company boosted their target price on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $94.40.

Cloudflare Stock Performance

NYSE:NET opened at $114.49 on Thursday. The company has a market cap of $39.29 billion, a P/E ratio of -440.33 and a beta of 1.10. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $116.00. The company’s 50-day moving average price is $94.79 and its 200-day moving average price is $84.47. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

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.