Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Cloudflare Inc (NYSE:NET) by 819.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,998 shares of the company’s stock after purchasing an additional 108,731 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cloudflare were worth $4,386,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in NET. Global Trust Asset Management LLC bought a new position in shares of Cloudflare during the first quarter worth about $43,000. NEXT Financial Group Inc bought a new stake in shares of Cloudflare in the 1st quarter valued at $55,000. Exchange Traded Concepts LLC acquired a new stake in shares of Cloudflare during the second quarter worth $69,000. Watson Rebecca bought a new position in Cloudflare during the second quarter worth $72,000. Finally, FNY Investment Advisers LLC bought a new position in Cloudflare during the first quarter worth $82,000. Institutional investors and hedge funds own 25.40% of the company’s stock.
In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $38.33, for a total transaction of $574,950.00. Following the completion of the sale, the chief financial officer now owns 15,000 shares of the company’s stock, valued at $574,950. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,385 shares of the company’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $40.48, for a total value of $2,120,544.80. The disclosure for this sale can be found here. In the last three months, insiders sold 10,906,574 shares of company stock valued at $379,631,418. Corporate insiders own 35.89% of the company’s stock.
Several research firms recently commented on NET. Robert W. Baird raised their target price on Cloudflare from $30.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday. They noted that the move was a valuation call. William Blair began coverage on shares of Cloudflare in a research report on Friday, July 17th. They set an “outperform” rating on the stock. Piper Sandler boosted their target price on Cloudflare from $29.00 to $41.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Zacks Investment Research downgraded Cloudflare from a “buy” rating to a “hold” rating in a research note on Wednesday, July 15th. Finally, Morgan Stanley raised Cloudflare from an “underweight” rating to an “equal weight” rating and set a $34.00 price objective for the company in a research note on Thursday, June 18th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Cloudflare presently has a consensus rating of “Buy” and a consensus target price of $36.44.
NYSE:NET opened at $41.62 on Friday. The business’s 50-day moving average price is $36.15 and its two-hundred day moving average price is $26.00. Cloudflare Inc has a twelve month low of $14.50 and a twelve month high of $42.60.
Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.02. The company had revenue of $91.25 million during the quarter, compared to the consensus estimate of $86.85 million. The firm’s revenue for the quarter was up 47.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.19) earnings per share. As a group, research analysts expect that Cloudflare Inc will post -0.35 earnings per share for the current fiscal year.
CloudFlare, Inc operates a cloud platform that delivers a range of network services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and Internet of Things (IoT) devices.
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