Principal Financial Group Inc. Trims Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Principal Financial Group Inc. lowered its position in Cloudflare, Inc. (NYSE:NET) by 14.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,613 shares of the company’s stock after selling 10,872 shares during the quarter. Principal Financial Group Inc.’s holdings in Cloudflare were worth $7,394,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth approximately $100,000. PNC Financial Services Group Inc. raised its stake in shares of Cloudflare by 12.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,076 shares of the company’s stock worth $654,000 after purchasing an additional 655 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Cloudflare by 30.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,649 shares of the company’s stock worth $393,000 after purchasing an additional 850 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Cloudflare by 22.7% during the fourth quarter. Commonwealth Equity Services LLC now owns 57,937 shares of the company’s stock worth $6,239,000 after purchasing an additional 10,729 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of Cloudflare by 17.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 8,870 shares of the company’s stock worth $955,000 after purchasing an additional 1,343 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Up 2.3%

NET opened at $187.02 on Wednesday. The business’s fifty day simple moving average is $171.89 and its 200 day simple moving average is $141.71. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $198.01. The firm has a market cap of $64.82 billion, a P/E ratio of -813.13 and a beta of 1.85.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The business had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.16 earnings per share. As a group, equities research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Ratings Changes

NET has been the subject of several analyst reports. Piper Sandler restated a “neutral” rating and set a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Jefferies Financial Group dropped their price objective on Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a report on Friday, May 9th. Capital One Financial raised Cloudflare from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 8th. Oppenheimer reaffirmed an “outperform” rating and set a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Finally, UBS Group upped their price objective on Cloudflare from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus target price of $148.92.

Insider Buying and Selling

In other news, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $180.76, for a total value of $1,807,600.00. Following the completion of the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $196.09, for a total value of $1,764,810.00. Following the completion of the transaction, the insider owned 160,377 shares of the company’s stock, valued at approximately $31,448,325.93. The trade was a 5.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 555,420 shares of company stock valued at $92,289,281. Corporate insiders own 10.89% of the company’s stock.

Cloudflare Company 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.