Cloudflare, Inc. $NET Shares Sold by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management Ltd significantly reduced its holdings in Cloudflare, Inc. by 97.9%, now owning only 2,000 shares valued at approximately $392,000.
• Insider trading activity was notable, with Director Carl Ledbetter and CFO Thomas J. Seifert selling 15,000 and 10,000 shares, respectively, for total proceeds of around $5.6 million.
• Cloudflare's recent earnings report showed an increase in revenue by 27.8% year-over-year, alongside beating earnings per share estimates with a reported $0.21 EPS.

BOCHK Asset Management Ltd decreased its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 97.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,000 shares of the company's stock after selling 95,155 shares during the quarter. Cloudflare comprises approximately 0.1% of BOCHK Asset Management Ltd's holdings, making the stock its 29th largest position. BOCHK Asset Management Ltd's holdings in Cloudflare were worth $392,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Cloudflare by 22.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 30,652 shares of the company's stock valued at $3,301,000 after acquiring an additional 5,638 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Cloudflare by 47.0% in the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock worth $639,000 after purchasing an additional 1,896 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after purchasing an additional 142 shares during the last quarter. Versant Capital Management Inc lifted its stake in Cloudflare by 19.3% during the first quarter. Versant Capital Management Inc now owns 655 shares of the company's stock valued at $74,000 after purchasing an additional 106 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Cloudflare by 20,954.7% during the first quarter. GAMMA Investing LLC now owns 123,170 shares of the company's stock worth $13,880,000 after buying an additional 122,585 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 15,000 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $223.91, for a total transaction of $3,358,650.00. Following the completion of the sale, the director owned 1,013,073 shares of the company's stock, valued at $226,837,175.43. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $227.64, for a total value of $2,276,400.00. Following the transaction, the chief financial officer owned 189,517 shares in the company, valued at approximately $43,141,649.88. This trade represents a 5.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 727,020 shares of company stock worth $146,028,939 in the last 90 days. Insiders own 10.89% of the company's stock.

Cloudflare Trading Up 1.3%

NYSE:NET opened at $217.44 on Thursday. The company has a market capitalization of $75.77 billion, a P/E ratio of -639.54 and a beta of 1.99. The stock's 50 day moving average price is $209.24 and its 200 day moving average price is $169.98. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14. Cloudflare, Inc. has a 52 week low of $77.80 and a 52 week high of $230.10.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. The firm had revenue of $512.32 million during the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The company's revenue was up 27.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 earnings per share. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. On average, research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NET. Piper Sandler upped their price target on Cloudflare from $151.00 to $224.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Mizuho boosted their target price on Cloudflare from $220.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. UBS Group upped their target price on Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Scotiabank lifted their price target on Cloudflare from $135.00 to $200.00 and gave the stock a "sector perform" rating in a research note on Friday, August 1st. Finally, Morgan Stanley boosted their price objective on Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $191.28.

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.

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