Banco Bilbao Vizcaya Argentaria S.A. Raises Position in Cloudflare, Inc. $NET

Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 511.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,553 shares of the company’s stock after acquiring an additional 52,316 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.’s holdings in Cloudflare were worth $13,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of NET. Physician Wealth Advisors Inc. lifted its position in Cloudflare by 693.3% during the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock valued at $26,000 after purchasing an additional 104 shares in the last quarter. Westside Investment Management Inc. increased its position in Cloudflare by 100.0% in the third quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after buying an additional 65 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in shares of Cloudflare in the second quarter worth about $29,000. ORG Wealth Partners LLC raised 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 buying an additional 70 shares during the period. Finally, Cloud Capital Management LLC purchased a new position in shares of Cloudflare during the 3rd quarter valued at about $31,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NET has been the subject of a number of recent research reports. Guggenheim boosted their price objective on Cloudflare from $117.00 to $140.00 and gave the company a “sell” rating in a research note on Wednesday, February 11th. Wolfe Research reiterated a “peer perform” rating on shares of Cloudflare in a research report on Monday, January 26th. Barclays increased their price objective on shares of Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Jefferies Financial Group lifted their target price on shares of Cloudflare from $185.00 to $225.00 and gave the company a “hold” rating in a research note on Wednesday, February 11th. Finally, Susquehanna set a $190.00 target price on shares of Cloudflare in a report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Cloudflare currently has an average rating of “Moderate Buy” and an average price target of $233.38.

Insider Activity

In related news, CFO Thomas J. Seifert sold 41,557 shares of the 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 completion of the transaction, the chief financial officer directly owned 85,452 shares of the company’s stock, valued at approximately $15,812,038.08. This represents a 32.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michelle Zatlyn sold 35,080 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total value of $6,573,641.20. Following the transaction, the insider directly owned 34,514 shares of the company’s stock, valued at approximately $6,467,578.46. The trade was a 50.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 523,690 shares of company stock worth $96,821,800 over the last 90 days. Corporate insiders own 10.89% of the company’s stock.

Cloudflare Price Performance

Shares of NYSE:NET opened at $212.46 on Monday. The firm has a market cap of $74.42 billion, a price-to-earnings ratio of -732.59 and a beta of 1.98. The firm has a fifty day moving average price of $185.42 and a 200 day moving average price of $203.00. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98.

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

Cloudflare 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.