Bank of New York Mellon Corp Decreases Stake in Cloudflare, Inc. (NYSE:NET)

Bank of New York Mellon Corp lowered its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,237,248 shares of the company's stock after selling 49,124 shares during the quarter. Bank of New York Mellon Corp owned about 0.36% of Cloudflare worth $139,426,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. IFM Investors Pty Ltd lifted its stake in Cloudflare by 8.9% in the 1st quarter. IFM Investors Pty Ltd now owns 60,181 shares of the company's stock worth $6,782,000 after purchasing an additional 4,934 shares in the last quarter. OneDigital Investment Advisors LLC lifted its stake in Cloudflare by 24.5% in the 1st quarter. OneDigital Investment Advisors LLC now owns 4,300 shares of the company's stock worth $485,000 after purchasing an additional 845 shares in the last quarter. Mutual Advisors LLC purchased a new stake in Cloudflare in the 1st quarter worth $203,000. Teacher Retirement System of Texas lifted its stake in Cloudflare by 1,469.3% in the 1st quarter. Teacher Retirement System of Texas now owns 44,679 shares of the company's stock worth $5,035,000 after purchasing an additional 41,832 shares in the last quarter. Finally, Lodestone Wealth Management LLC purchased a new stake in Cloudflare in the 1st quarter worth $205,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $184.58, for a total transaction of $9,669,038.72. Following the completion of the sale, the chief executive officer owned 381,213 shares of the company's stock, valued at $70,364,295.54. This represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $193.94, for a total transaction of $2,909,100.00. Following the sale, the director directly owned 1,058,073 shares of the company's stock, valued at $205,202,677.62. The trade was a 1.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 581,060 shares of company stock worth $95,040,197 over the last quarter. 10.89% of the stock is currently owned by company insiders.

Cloudflare Stock Down 0.4%

Shares of NET traded down $0.74 during mid-day trading on Friday, hitting $181.18. The company's stock had a trading volume of 2,780,115 shares, compared to its average volume of 3,169,136. The company's 50-day moving average is $169.44 and its 200-day moving average is $140.69. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $198.01. The firm has a market capitalization of $62.80 billion, a price-to-earnings ratio of -787.74 and a beta of 1.85. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. During the same period in the previous year, the company posted $0.16 EPS. Cloudflare's revenue for the quarter was up 26.5% on a year-over-year basis. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on NET shares. Needham & Company LLC upped their target price on shares of Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Piper Sandler restated a "neutral" rating and set a $151.00 target price (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Morgan Stanley upped their target price on shares of Cloudflare from $150.00 to $225.00 and gave the company an "overweight" rating in a research report on Friday. Guggenheim upped their target price on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research report on Friday, May 9th. Finally, Cowen restated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cloudflare presently has an average rating of "Hold" and an average price target of $148.92.

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.