Allianz Asset Management GmbH Grows Holdings in Cloudflare, Inc. $NET

Allianz Asset Management GmbH raised its position in Cloudflare, Inc. (NYSE:NET) by 322.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,182 shares of the company’s stock after buying an additional 49,749 shares during the period. Allianz Asset Management GmbH’s holdings in Cloudflare were worth $13,987,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of NET. ORG Wealth Partners LLC lifted its stake in shares of Cloudflare by 101.4% in the third quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock worth $30,000 after acquiring an additional 70 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in Cloudflare during the 2nd quarter worth approximately $29,000. Harbor Investment Advisory LLC acquired a new position in shares of Cloudflare in the 3rd quarter valued at approximately $32,000. Cloud Capital Management LLC purchased a new position in shares of Cloudflare during the 3rd quarter valued at approximately $31,000. Finally, Stone House Investment Management LLC boosted its stake in shares of Cloudflare by 700.0% during the 3rd quarter. Stone House Investment Management LLC now owns 160 shares of the company’s stock valued at $34,000 after buying an additional 140 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $195.32, for a total transaction of $10,231,642.88. Following the completion of the transaction, the chief executive officer directly owned 22,175 shares in the company, valued at $4,331,221. This represents a 70.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 41,555 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $194.18, for a total value of $8,069,149.90. Following the completion of the sale, the chief financial officer directly owned 137,486 shares in the company, valued at $26,697,031.48. This represents a 23.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 630,827 shares of company stock worth $124,436,992 in the last 90 days. 10.89% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

Shares of NET stock opened at $173.16 on Friday. The company has a market cap of $60.65 billion, a P/E ratio of -577.20, a PEG ratio of 150.14 and a beta of 1.97. The business has a 50 day moving average of $191.91 and a two-hundred day moving average of $205.17. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 1.46.

Wall Street Analyst Weigh In

NET has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, January 21st. Robert W. Baird set a $230.00 target price on shares of Cloudflare in a research note on Wednesday, December 17th. Truist Financial set a $225.00 price target on shares of Cloudflare in a research report on Tuesday, January 20th. Cantor Fitzgerald boosted their price objective on Cloudflare from $199.00 to $224.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Finally, Susquehanna upped their price objective on Cloudflare from $205.00 to $260.00 and gave the company a “neutral” rating in a research note on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $234.11.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.