Fifth Third Bancorp Boosts Position in Cloudflare, Inc. $NET

Fifth Third Bancorp lifted its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 24.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 547 shares of the company’s stock after purchasing an additional 106 shares during the quarter. Fifth Third Bancorp’s holdings in Cloudflare were worth $107,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mather Group LLC. grew its holdings in shares of Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after purchasing an additional 202 shares in the last quarter. NBC Securities Inc. purchased a new position in shares of Cloudflare during the first quarter worth about $27,000. GPS Wealth Strategies Group LLC grew its holdings in shares of Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock worth $29,000 after purchasing an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after purchasing an additional 142 shares in the last quarter. Finally, CVA Family Office LLC grew its holdings in shares of Cloudflare by 37.1% during the first quarter. CVA Family Office LLC now owns 392 shares of the company’s stock worth $44,000 after purchasing an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling

In related news, Director Carl Ledbetter sold 15,000 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $223.91, for a total value of $3,358,650.00. Following the completion of the sale, the director owned 1,013,073 shares of the company’s stock, valued at $226,837,175.43. This trade represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $226.46, for a total value of $11,862,880.64. The disclosure for this sale can be found here. Insiders have sold a total of 727,020 shares of company stock valued at $146,028,939 over the last three months. Insiders own 10.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NET. Guggenheim boosted their price objective on Cloudflare from $70.00 to $111.00 and gave the stock a “sell” rating in a report on Friday, August 1st. Needham & Company LLC upped their target price on Cloudflare from $200.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. UBS Group upped their target price on Cloudflare from $145.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. JMP Securities upped their target price on Cloudflare from $180.00 to $225.00 and gave the stock a “market outperform” rating in a research note on Monday, July 28th. Finally, Royal Bank Of Canada upped their target price on Cloudflare from $210.00 to $228.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Cloudflare has an average rating of “Moderate Buy” and a consensus target price of $191.28.

Cloudflare Stock Performance

Shares of NET stock opened at $217.44 on Thursday. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14. The company has a market capitalization of $75.77 billion, a P/E ratio of -639.54 and a beta of 1.99. The stock has a 50 day moving average price of $209.24 and a two-hundred day moving average price of $169.98. Cloudflare, Inc. has a fifty-two week low of $77.80 and a fifty-two week high of $230.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The company had revenue of $512.32 million during the quarter, compared to analyst estimates of $501.58 million. During the same quarter last year, the firm posted $0.20 earnings per share. The firm’s revenue was up 27.8% on a year-over-year basis. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. Analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current 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.