National Pension Service Has $47.91 Million Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• The National Pension Service reduced its stake in Cloudflare, Inc. by 1.4%, holding 425,173 shares valued at approximately $47.9 million as of the latest SEC filing.
• Cloudflare's stock had a recent trading decrease of 2.1%, with a market capitalization of $68.02 billion and a consensus price target of $186.88 from analysts.
• A significant insider sale occurred as CFO Thomas J. Seifert sold 34,270 shares for about $6.86 million, reducing his ownership stake by 12.42%.

National Pension Service lowered its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 1.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 425,173 shares of the company's stock after selling 6,007 shares during the quarter. National Pension Service owned 0.12% of Cloudflare worth $47,913,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of NET. Mather Group LLC. grew its holdings in Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after purchasing an additional 202 shares during the period. NBC Securities Inc. acquired a new position in Cloudflare during the first quarter worth $27,000. GPS Wealth Strategies Group LLC lifted its stake in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after acquiring an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after acquiring an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Cloudflare in the fourth quarter valued at $43,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Activity

In other news, CFO Thomas J. Seifert sold 34,270 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $200.17, for a total value of $6,859,825.90. Following the sale, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $48,351,063.50. This trade represents a 12.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 59,130 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the completion of the sale, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,382,465. The trade was a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 586,294 shares of company stock valued at $106,298,200. Company insiders own 10.89% of the company's stock.

Cloudflare Price Performance

Cloudflare stock traded up $5.36 during trading hours on Friday, reaching $200.74. 2,120,767 shares of the stock were exchanged, compared to its average volume of 3,270,178. The company has a market cap of $69.95 billion, a P/E ratio of -590.41 and a beta of 1.84. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63. Cloudflare, Inc. has a twelve month low of $74.88 and a twelve month high of $219.00. The stock has a 50 day moving average of $191.73 and a two-hundred day moving average of $154.85.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. The firm had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The business's revenue for the quarter was up 27.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 earnings per share. Equities analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NET shares. Cowen reiterated a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Needham & Company LLC increased their price target on shares of Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Piper Sandler increased their price objective on shares of Cloudflare from $151.00 to $224.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Morgan Stanley increased their price objective on shares of Cloudflare from $225.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Bank of America increased their price objective on shares of Cloudflare from $235.00 to $240.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $186.88.

Cloudflare 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.