Gulf International Bank UK Ltd Has $1.99 Million Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Cloudflare, Inc. by 21.9% during the first quarter, selling 4,946 shares, leaving them with a total of 17,659 shares valued at approximately $1,989,000.
• Insider trading increased significantly, with notable sales from CEO Matthew Prince and insider Michelle Zatlyn, who sold 52,384 and 35,098 shares, respectively, resulting in substantial decreases in their ownership stakes.
• Analysts are closely monitoring Cloudflare, with a mix of ratings: three "sell," nine "hold," and fifteen "buy," giving the stock a consensus rating of "Moderate Buy" with an average price target of $186.88.

Gulf International Bank UK Ltd trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 21.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,659 shares of the company's stock after selling 4,946 shares during the quarter. Gulf International Bank UK Ltd's holdings in Cloudflare were worth $1,989,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of NET. Fred Alger Management LLC increased its position in Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after buying an additional 836,591 shares during the last quarter. Nuveen LLC acquired a new position in Cloudflare during the first quarter worth $88,203,000. Vanguard Group Inc. increased its position in Cloudflare by 1.8% during the first quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company's stock worth $3,475,011,000 after buying an additional 538,850 shares during the last quarter. Alfreton Capital LLP acquired a new position in Cloudflare during the first quarter worth $48,457,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Cloudflare during the first quarter worth $39,898,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cloudflare

In related news, CFO Thomas J. Seifert sold 59,130 shares of Cloudflare stock in a transaction 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 $48,382,465. The trade was a 19.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 34,270 shares of Cloudflare stock in a transaction on Monday, July 21st. The stock was 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 of the company's stock, valued at approximately $48,351,063.50. This trade represents a 12.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 586,294 shares of company stock valued at $106,298,200 over the last quarter. 10.89% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NET shares. Royal Bank Of Canada increased their target price on shares of Cloudflare from $210.00 to $228.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Mizuho raised their price target on Cloudflare from $220.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Morgan Stanley raised their price target on Cloudflare from $225.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Needham & Company LLC raised their price target on Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price on the stock in a research report on Monday, May 12th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cloudflare has a consensus rating of "Moderate Buy" and an average price target of $186.88.

Cloudflare Price Performance

Shares of NYSE:NET traded up $5.36 during trading on Friday, reaching $200.74. The stock had a trading volume of 2,120,767 shares, compared to its average volume of 3,270,178. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14. The stock has a market capitalization of $69.95 billion, a PE ratio of -590.41 and a beta of 1.84. The business's 50-day moving average price is $191.73 and its 200 day moving average price is $154.85. Cloudflare, Inc. has a 52 week low of $74.88 and a 52 week high of $219.00.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 6.22% and a negative return on equity of 8.42%. Cloudflare's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 earnings per share. As a group, equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.