American Century Companies Inc. Lowers Stake in Cloudflare, Inc. $NET

American Century Companies Inc. trimmed its position in Cloudflare, Inc. (NYSE:NET) by 1.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,931,057 shares of the company’s stock after selling 46,166 shares during the quarter. Cloudflare accounts for approximately 0.3% of American Century Companies Inc.’s portfolio, making the stock its 26th largest holding. American Century Companies Inc. owned about 0.84% of Cloudflare worth $628,976,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Cloudflare in the 2nd quarter valued at $541,462,000. Groupama Asset Managment acquired a new stake in shares of Cloudflare in the second quarter valued at about $225,204,000. Vanguard Group Inc. raised its holdings in shares of Cloudflare by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after buying an additional 821,684 shares during the period. KBC Group NV raised its holdings in shares of Cloudflare by 1,388.7% during the 2nd quarter. KBC Group NV now owns 736,153 shares of the company’s stock valued at $144,161,000 after buying an additional 686,702 shares during the period. Finally, Rakuten Investment Management Inc. acquired a new position in Cloudflare during the 3rd quarter worth approximately $138,660,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Down 1.6%

Cloudflare stock opened at $171.80 on Friday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.04 and a current ratio of 2.04. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00. The company has a 50-day simple moving average of $185.86 and a 200-day simple moving average of $202.94. The firm has a market capitalization of $60.18 billion, a P/E ratio of -592.38 and a beta of 1.97.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The company’s quarterly revenue was up 33.6% compared to the same quarter last year. As a group, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on NET. Susquehanna set a $190.00 price objective on shares of Cloudflare in a research report on Thursday, February 12th. DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a research note on Friday, February 13th. Guggenheim lifted their price target on shares of Cloudflare from $117.00 to $140.00 and gave the stock a “sell” rating in a research note on Wednesday, February 11th. BTIG Research upped their price objective on shares of Cloudflare from $199.00 to $243.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Finally, Scotiabank lowered their target price on Cloudflare from $255.00 to $225.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $230.70.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 35,080 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the completion of the transaction, the insider owned 34,514 shares in the company, valued at approximately $6,467,578.46. This trade represents a 50.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $201.23, for a total transaction of $10,541,232.32. The SEC filing for this sale provides additional information. Insiders have sold a total of 610,780 shares of company stock valued at $115,913,967 over the last three months. Company insiders own 10.89% of the company’s stock.

About Cloudflare

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.