Banque Cantonale Vaudoise Decreases Stake in Cloudflare, Inc. $NET

Banque Cantonale Vaudoise lessened its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 13.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 33,110 shares of the company’s stock after selling 5,207 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Cloudflare were worth $7,104,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of NET. Rakuten Investment Management Inc. purchased a new position in shares of Cloudflare in the 3rd quarter valued at $138,660,000. Allianz Asset Management GmbH lifted its holdings in shares of Cloudflare by 322.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 65,182 shares of the company’s stock valued at $13,987,000 after acquiring an additional 49,749 shares in the last quarter. National Pension Service lifted its holdings in shares of Cloudflare by 1.0% during the 3rd quarter. National Pension Service now owns 618,662 shares of the company’s stock valued at $132,759,000 after acquiring an additional 5,939 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in Cloudflare in the 2nd quarter valued at $87,868,000. Finally, Swedbank AB increased its holdings in Cloudflare by 27.7% in the 3rd quarter. Swedbank AB now owns 43,878 shares of the company’s stock valued at $9,416,000 after purchasing an additional 9,527 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NET shares. Argus raised their price objective on Cloudflare from $238.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Wolfe Research reaffirmed a “peer perform” rating on shares of Cloudflare in a research report on Monday, January 26th. Mizuho lowered their target price on Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. Barclays raised their target price on Cloudflare from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Finally, KeyCorp restated an “overweight” rating on shares of Cloudflare in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Cloudflare presently has a consensus rating of “Moderate Buy” and an average price target of $230.70.

Cloudflare Stock Performance

NYSE:NET opened at $201.59 on Tuesday. The firm has a 50-day moving average of $184.32 and a two-hundred day moving average of $202.65. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98. The stock has a market cap of $70.61 billion, a P/E ratio of -695.11 and a beta of 1.98. Cloudflare, Inc. has a 1-year low of $89.42 and a 1-year high of $260.00.

Cloudflare (NYSE:NET) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. During the same period in the previous year, the company earned $0.19 earnings per share. The company’s revenue for the quarter was up 33.6% compared to the same quarter last year. On average, research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 41,557 shares of Cloudflare stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the sale, the chief financial officer directly owned 85,452 shares in the company, valued at $15,812,038.08. The trade was a 32.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michelle Zatlyn sold 25,641 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $189.50, for a total value of $4,858,969.50. Following the completion of the transaction, the insider directly owned 34,514 shares in the company, valued at approximately $6,540,403. The trade was a 42.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 551,851 shares of company stock worth $102,673,182 over the last quarter. Corporate 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.