Exchange Traded Concepts LLC Buys 5,731 Shares of Cloudflare, Inc. $NET

Exchange Traded Concepts LLC grew its stake in Cloudflare, Inc. (NYSE:NET) by 12.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,788 shares of the company’s stock after acquiring an additional 5,731 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Cloudflare were worth $10,407,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in NET. Rakuten Investment Management Inc. bought a new position in Cloudflare in the third quarter worth about $138,660,000. Allianz Asset Management GmbH boosted its holdings in shares of Cloudflare by 322.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 65,182 shares of the company’s stock valued at $13,987,000 after buying an additional 49,749 shares in the last quarter. National Pension Service boosted its holdings in shares of Cloudflare by 1.0% in the 3rd quarter. National Pension Service now owns 618,662 shares of the company’s stock valued at $132,759,000 after buying an additional 5,939 shares in the last quarter. Swedbank AB grew its position in shares of Cloudflare by 27.7% in the 3rd quarter. Swedbank AB now owns 43,878 shares of the company’s stock worth $9,416,000 after buying an additional 9,527 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Cloudflare by 20.1% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 170,186 shares of the company’s stock worth $36,520,000 after buying an additional 28,495 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 35,080 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $187.39, for a total value of $6,573,641.20. Following the completion of the transaction, the insider directly owned 34,514 shares in the company, valued at $6,467,578.46. This trade represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 41,557 shares of Cloudflare stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the sale, the chief financial officer directly owned 85,452 shares of the company’s stock, valued at $15,812,038.08. This trade represents a 32.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 633,094 shares of company stock worth $120,791,722 in the last 90 days. Insiders own 10.89% of the company’s stock.

Cloudflare Stock Up 0.1%

NYSE:NET opened at $203.23 on Monday. 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 twelve month low of $89.42 and a twelve month high of $260.00. The company has a market cap of $71.53 billion, a PE ratio of -700.77 and a beta of 1.98. The company’s 50 day moving average is $190.35 and its two-hundred day moving average is $203.13.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $591.67 million. During the same quarter last year, the company posted $0.19 earnings per share. The business’s quarterly revenue was up 33.6% on a year-over-year basis. Analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analyst Weigh In

NET has been the subject of a number of analyst reports. Jefferies Financial Group increased their target price on shares of Cloudflare from $185.00 to $225.00 and gave the company a “hold” rating in a research report on Wednesday, February 11th. Truist Financial set a $225.00 price target on shares of Cloudflare in a report on Tuesday, January 20th. KeyCorp reaffirmed an “overweight” rating on shares of Cloudflare in a research report on Wednesday, February 11th. New Street Research set a $140.00 price objective on Cloudflare in a report on Wednesday, February 11th. Finally, Mizuho lowered their price objective on Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Cloudflare has a consensus rating of “Moderate Buy” and an average price target of $233.38.

About Cloudflare

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.