Barings LLC Has $904,000 Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• Barings LLC reduced its stake in Cloudflare, Inc. by 16.9%, now holding 8,025 shares valued at approximately $904,000.
• Analysts have raised target prices for Cloudflare, with KeyCorp setting a new target at $235.00 and Bank of America increasing theirs to $240.00, reflecting overall positive sentiment for the stock.
• Cloudflare's recent earnings report showed a 27.8% year-over-year revenue increase, with earnings per share of $0.21, beating expectations of $0.18.

Barings LLC decreased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 16.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,025 shares of the company's stock after selling 1,632 shares during the period. Barings LLC's holdings in Cloudflare were worth $904,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital World Investors grew its position in shares of Cloudflare by 0.7% in the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock valued at $3,812,942,000 after purchasing an additional 260,415 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Cloudflare by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock valued at $526,986,000 after purchasing an additional 68,661 shares during the last quarter. Northern Trust Corp grew its position in shares of Cloudflare by 13.5% in the fourth quarter. Northern Trust Corp now owns 1,849,143 shares of the company's stock valued at $199,116,000 after purchasing an additional 219,764 shares during the last quarter. Invesco Ltd. grew its position in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock valued at $116,178,000 after purchasing an additional 804,059 shares during the last quarter. Finally, Fred Alger Management LLC grew its position in shares of Cloudflare by 856.3% in the fourth 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 during the last quarter. Institutional investors own 82.68% of the company's stock.

Insider Buying and Selling

In other news, CFO Thomas J. Seifert sold 59,130 shares of Cloudflare stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $200.30, for a total value of $11,843,739.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $171.25, for a total value of $8,970,760.00. Following the completion of the transaction, the chief executive officer directly owned 381,213 shares of the company's stock, valued at approximately $65,282,726.25. This trade represents a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 691,062 shares of company stock valued at $122,093,547 in the last quarter. 10.89% of the stock is currently owned by company insiders.

Cloudflare Price Performance

Shares of NET traded up $8.34 during trading hours on Monday, reaching $208.45. The stock had a trading volume of 3,651,785 shares, compared to its average volume of 3,399,755. The stock has a market capitalization of $72.25 billion, a PE ratio of -613.09 and a beta of 1.84. 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 12 month low of $69.26 and a 12 month high of $211.75. The company's 50-day moving average is $185.49 and its two-hundred day moving average is $150.17.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping 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%. Cloudflare's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same period last year, the company earned $0.20 EPS. Research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

NET has been the topic of a number of analyst reports. Needham & Company LLC increased their price target on Cloudflare from $200.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday. UBS Group increased their price target on Cloudflare from $145.00 to $200.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Royal Bank Of Canada increased their price target on Cloudflare from $210.00 to $228.00 and gave the stock an "outperform" rating in a research report on Friday. Oppenheimer reissued an "outperform" rating and set a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Finally, JMP Securities increased their price target on Cloudflare from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research report on Monday, July 28th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Cloudflare presently has an average rating of "Moderate Buy" and an average target price of $186.88.

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.