Cloudflare, Inc. (NYSE:NET) Shares Acquired by Malaga Cove Capital LLC

Key Points

• Malaga Cove Capital LLC increased its stake in Cloudflare, Inc. by 21.3%, owning a total of 12,037 shares valued at approximately $1.36 million.
• Insider transactions included CFO Thomas J. Seifert selling 34,270 shares and CEO Matthew Prince selling 52,384 shares, indicating a decrease in their ownership.
• Cloudflare's stock opened at $200.46, with a market capitalization of $69.48 billion and a recent earnings beat reporting $0.21 earnings per share.

Malaga Cove Capital LLC lifted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,037 shares of the company's stock after acquiring an additional 2,116 shares during the period. Malaga Cove Capital LLC's holdings in Cloudflare were worth $1,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Capital World Investors raised its stake in shares of Cloudflare by 0.7% during the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock valued at $3,812,942,000 after buying an additional 260,415 shares during the last quarter. Geode Capital Management LLC raised its position in Cloudflare by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock valued at $526,986,000 after acquiring an additional 68,661 shares in the last quarter. Northern Trust Corp boosted its position in Cloudflare by 13.5% in the 4th quarter. Northern Trust Corp now owns 1,849,143 shares of the company's stock worth $199,116,000 after purchasing an additional 219,764 shares in the last quarter. Invesco Ltd. grew its stake in shares of Cloudflare by 292.5% during the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after purchasing an additional 804,059 shares during the period. Finally, Fred Alger Management LLC increased its holdings in shares of Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after purchasing an additional 836,591 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 34,270 shares of Cloudflare 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 completion of the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,351,063.50. The trade was a 12.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 381,213 shares in the company, valued at approximately $65,282,726.25. The trade was a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 688,062 shares of company stock valued at $121,498,887. 10.89% of the stock is owned by insiders.

Cloudflare Price Performance

Cloudflare stock opened at $200.46 on Friday. The company's 50 day simple moving average is $184.49 and its 200-day simple moving average is $149.05. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $211.27. The company has a market capitalization of $69.48 billion, a price-to-earnings ratio of -589.59 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.03. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.59%. The firm had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. During the same quarter last year, the firm earned $0.20 EPS. The firm's revenue for the quarter was up 27.8% on a year-over-year basis. As a group, equities research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on NET shares. Guggenheim lifted their price objective on shares of Cloudflare from $70.00 to $111.00 and gave the company a "sell" rating in a report on Friday. Robert W. Baird lifted their price target on Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Wells Fargo & Company upped their price target on Cloudflare from $225.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday. Cantor Fitzgerald raised their price objective on Cloudflare from $162.00 to $199.00 and gave the company a "neutral" rating in a report on Friday. Finally, UBS Group upped their target price on Cloudflare from $145.00 to $200.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cloudflare presently has an average rating of "Moderate Buy" and an average price target 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.

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