Cloudflare, Inc. $NET Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 33.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 407,733 shares of the company’s stock after acquiring an additional 103,042 shares during the period. Allspring Global Investments Holdings LLC owned 0.12% of Cloudflare worth $79,924,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Groupama Asset Managment grew its holdings in shares of Cloudflare by 82.6% in the third quarter. Groupama Asset Managment now owns 2,100,000 shares of the company’s stock valued at $450,639,000 after purchasing an additional 950,000 shares during the period. Vanguard Group Inc. raised its stake in Cloudflare by 2.6% during the third quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock worth $6,934,958,000 after purchasing an additional 821,684 shares during the period. Rakuten Investment Management Inc. acquired a new position in Cloudflare in the 3rd quarter valued at about $138,660,000. Massachusetts Financial Services Co. MA boosted its holdings in Cloudflare by 96.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock valued at $279,588,000 after purchasing an additional 639,245 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Cloudflare by 176.8% in the 2nd quarter. Federated Hermes Inc. now owns 527,134 shares of the company’s stock valued at $103,229,000 after buying an additional 336,679 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Performance

NYSE:NET opened at $206.71 on Wednesday. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00. The company has a fifty day simple moving average of $191.14 and a two-hundred day simple moving average of $202.81. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. The company has a market cap of $72.76 billion, a price-to-earnings ratio of -712.78 and a beta of 1.98.

Cloudflare (NYSE:NET) last released its 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. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. During the same period last year, the business posted $0.19 earnings per share. Cloudflare’s revenue was up 33.6% compared to the same quarter last year. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Carl Ledbetter sold 15,000 shares of Cloudflare stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $227.05, for a total value of $3,405,750.00. Following the completion of the transaction, the director owned 938,073 shares in the company, valued at approximately $212,989,474.65. This trade represents a 1.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Janel Riley sold 23,332 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $190.00, for a total value of $4,433,080.00. Following the transaction, the chief accounting officer directly owned 56,791 shares of the company’s stock, valued at approximately $10,790,290. This represents a 29.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 632,902 shares of company stock worth $120,753,082 over the last ninety days. Company insiders own 10.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NET shares. DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a report on Friday, February 13th. Citigroup upped their price objective on Cloudflare from $260.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Mizuho cut 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. New Street Research set a $140.00 target price on Cloudflare in a research report on Wednesday, February 11th. Finally, Wells Fargo & Company upped their price target on Cloudflare from $265.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $233.38.

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.