Cloudflare, Inc. (NYSE:NET) Shares Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Cloudflare by 5.3% during the 1st quarter, owning a total of 25,700 shares worth approximately $2.9 million.
• Several other institutional investors also raised their stakes, resulting in 82.68% of Cloudflare's stock being owned by hedge funds and institutional investors.
• Cloudflare has received mixed ratings from analysts, with target prices ranging from $145 to $225, reflecting varying sentiments about the company's future performance.

Allianz Asset Management GmbH increased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 5.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,700 shares of the company's stock after purchasing an additional 1,288 shares during the quarter. Allianz Asset Management GmbH's holdings in Cloudflare were worth $2,897,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. CreativeOne Wealth LLC increased its stake in Cloudflare by 0.8% during the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock worth $752,000 after buying an additional 58 shares in the last quarter. Spire Wealth Management increased its stake in Cloudflare by 11.0% during the 1st quarter. Spire Wealth Management now owns 962 shares of the company's stock worth $108,000 after buying an additional 95 shares in the last quarter. Yousif Capital Management LLC increased its stake in Cloudflare by 2.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after buying an additional 98 shares in the last quarter. Ellevest Inc. increased its stake in Cloudflare by 2.3% during the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company's stock worth $489,000 after buying an additional 102 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in Cloudflare by 19.3% during the 1st quarter. Versant Capital Management Inc now owns 655 shares of the company's stock worth $74,000 after buying an additional 106 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on NET. Citigroup reiterated an "outperform" rating on shares of Cloudflare in a research note on Monday. Susquehanna dropped their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. UBS Group upped their price target on Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target for the company in a research report on Monday, May 12th. Finally, KeyCorp upped their price target on Cloudflare from $210.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $174.44.

Cloudflare Trading Down 0.7%

NYSE:NET traded down $1.43 during trading hours on Friday, reaching $206.25. 1,857,028 shares of the stock were exchanged, compared to its average volume of 3,699,986. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. The business has a 50-day moving average of $182.66 and a two-hundred day moving average of $147.77. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $210.98. The company has a market capitalization of $71.49 billion, a price-to-earnings ratio of -890.17 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. During the same period in the prior year, the firm earned $0.20 earnings per share. The firm's revenue was up 27.8% compared to the same quarter last year. On average, equities analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $171.25, for a total transaction of $8,970,760.00. Following the transaction, the chief executive officer directly owned 381,213 shares in the company, valued at $65,282,726.25. This represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the transaction, the insider owned 6,390 shares in the company, valued at $1,002,143.70. This trade represents a 84.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 688,062 shares of company stock valued at $121,498,887 over the last three months. 10.89% of the stock is currently owned by company insiders.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of 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 IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.