CSM Advisors LLC Acquires New Stake in Cloudflare, Inc. $NET

CSM Advisors LLC bought a new position in Cloudflare, Inc. (NYSE:NET) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,635 shares of the company’s stock, valued at approximately $1,854,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cloudflare during the second quarter worth about $541,462,000. Groupama Asset Managment bought a new stake in Cloudflare in the 2nd quarter valued at approximately $225,204,000. Vanguard Group Inc. lifted its stake in Cloudflare by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after acquiring an additional 821,684 shares in the last quarter. Rakuten Investment Management Inc. acquired a new position in Cloudflare during the 3rd quarter worth approximately $138,660,000. Finally, Massachusetts Financial Services Co. MA boosted its position in Cloudflare by 96.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock worth $279,588,000 after acquiring an additional 639,245 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 2.3%

NYSE NET opened at $207.47 on Tuesday. The company has a market cap of $72.67 billion, a PE ratio of -715.40 and a beta of 1.98. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35. Cloudflare, Inc. has a 12 month low of $89.42 and a 12 month high of $260.00. The stock has a 50 day moving average of $185.61 and a 200-day moving average of $202.96.

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

Insider Activity

In other news, insider Michelle Zatlyn sold 35,080 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the transaction, the insider directly owned 34,514 shares in the company, valued at $6,467,578.46. The trade was a 50.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $189.47, for a total transaction of $9,925,196.48. The SEC filing for this sale provides additional information. Insiders sold a total of 523,690 shares of company stock valued at $96,821,800 in the last quarter. Company insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

NET has been the subject of several research reports. Royal Bank Of Canada lifted their price objective on shares of Cloudflare from $230.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, February 11th. Susquehanna set a $190.00 target price on shares of Cloudflare in a report on Thursday, February 12th. Citigroup raised their target price on shares of Cloudflare from $260.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Piper Sandler lifted their price target on shares of Cloudflare from $220.00 to $222.00 and gave the company a “neutral” rating in a research note on Wednesday, February 11th. Finally, Truist Financial set a $225.00 price target on shares of Cloudflare in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.