Mizuho Markets Americas LLC Acquires 71,505 Shares of Cloudflare, Inc. (NYSE:NET)

Key Points

• Mizuho Markets Americas LLC increased its stake in Cloudflare, Inc. by 38.3%, owning 258,058 shares valued at approximately $29 million as per their recent SEC filing.
• Cloudflare's latest earnings report revealed an EPS of $0.21, exceeding analysts' estimates, with a revenue increase of 27.8% year-over-year.
• Institutional investors and hedge funds collectively own 82.68% of Cloudflare's stock, indicating strong confidence from major financial players.

Mizuho Markets Americas LLC grew its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 38.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 258,058 shares of the company's stock after buying an additional 71,505 shares during the quarter. Mizuho Markets Americas LLC owned approximately 0.07% of Cloudflare worth $29,081,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mather Group LLC. increased its position in Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after buying an additional 202 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Cloudflare during the first quarter worth about $27,000. GPS Wealth Strategies Group LLC grew its position in shares of Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after purchasing an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its position in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares in the last quarter. Finally, Global Financial Private Client LLC grew its position in shares of Cloudflare by 38,100.0% during the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after purchasing an additional 381 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Activity

In related news, CFO Thomas J. Seifert sold 59,130 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was 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 directly owned 241,550 shares of the company's stock, valued at approximately $48,382,465. This trade represents a 19.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $198.22, for a total value of $594,660.00. Following the sale, the insider directly owned 157,377 shares of the company's stock, valued at $31,195,268.94. This represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 638,678 shares of company stock worth $114,296,189 in the last three months. Corporate insiders own 10.89% of the company's stock.

Cloudflare Trading Up 0.5%

Shares of NYSE:NET traded up $0.92 during trading on Tuesday, hitting $202.09. The company had a trading volume of 2,247,563 shares, compared to its average volume of 3,359,190. The stock has a market cap of $70.42 billion, a price-to-earnings ratio of -594.38 and a beta of 1.84. Cloudflare, Inc. has a one year low of $74.88 and a one year high of $219.00. The company has a fifty day simple moving average of $190.37 and a two-hundred day simple moving average of $153.51. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NET. Robert W. Baird increased their target price on Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Mizuho increased 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. Oppenheimer reiterated an "outperform" rating and set a $200.00 target price (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Stifel Nicolaus increased their target price on Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Scotiabank increased their target price on Cloudflare from $135.00 to $200.00 and gave the stock a "sector perform" rating in a research report on Friday, August 1st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cloudflare has a consensus rating of "Moderate Buy" and a consensus price target of $186.88.

About Cloudflare

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.