American Century Companies Inc. Sells 46,166 Shares of Cloudflare, Inc. $NET

American Century Companies Inc. trimmed its holdings in Cloudflare, Inc. (NYSE:NET) by 1.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,931,057 shares of the company’s stock after selling 46,166 shares during the period. Cloudflare accounts for approximately 0.3% of American Century Companies Inc.’s holdings, making the stock its 26th largest position. American Century Companies Inc.’s holdings in Cloudflare were worth $628,976,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Empowered Funds LLC boosted its position in Cloudflare by 34.2% during the first quarter. Empowered Funds LLC now owns 6,656 shares of the company’s stock worth $750,000 after purchasing an additional 1,696 shares during the period. Sivia Capital Partners LLC acquired a new position in Cloudflare during the 2nd quarter worth $424,000. Focus Partners Advisor Solutions LLC bought a new stake in Cloudflare during the second quarter valued at about $295,000. Envestnet Asset Management Inc. grew its position in shares of Cloudflare by 58.6% in the second quarter. Envestnet Asset Management Inc. now owns 322,600 shares of the company’s stock valued at $63,175,000 after purchasing an additional 119,150 shares during the last quarter. Finally, Jennison Associates LLC bought a new position in shares of Cloudflare in the second quarter worth about $38,530,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Down 1.6%

Shares of NYSE NET opened at $171.80 on Friday. The firm’s 50-day moving average is $185.86 and its 200-day moving average is $202.94. The firm has a market capitalization of $60.18 billion, a PE ratio of -592.38 and a beta of 1.97. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46.

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

Insider Activity

In other news, Director John Graham-Cumming sold 2,520 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $173.35, for a total value of $436,842.00. Following the completion of the transaction, the director owned 495,191 shares in the company, valued at $85,841,359.85. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michelle Zatlyn sold 25,641 shares of the firm’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $172.76, for a total transaction of $4,429,739.16. Following the sale, the insider owned 34,514 shares in the company, valued at approximately $5,962,638.64. The trade was a 42.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 610,780 shares of company stock worth $115,913,967. Corporate insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, January 21st. Guggenheim increased their price objective on Cloudflare from $117.00 to $140.00 and gave the company a “sell” rating in a research report on Wednesday, February 11th. Argus raised their price objective on shares of Cloudflare from $238.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. TD Cowen reaffirmed a “buy” rating on shares of Cloudflare in a research report on Tuesday, January 27th. Finally, Morgan Stanley set a $245.00 price target on shares of Cloudflare in a report on Wednesday, February 11th. One 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 issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $230.70.

Cloudflare Company 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.