OVERSEA CHINESE BANKING Corp Ltd Has $2.76 Million Position in Cloudflare, Inc. (NYSE:NET)

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 1,071.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 24,454 shares of the company's stock after purchasing an additional 22,366 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Cloudflare were worth $2,756,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in NET. Proficio Capital Partners LLC bought a new stake in shares of Cloudflare during the fourth quarter worth $100,000. PNC Financial Services Group Inc. boosted its holdings in Cloudflare by 12.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,076 shares of the company's stock valued at $654,000 after acquiring an additional 655 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Cloudflare by 30.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 3,649 shares of the company's stock valued at $393,000 after acquiring an additional 850 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Cloudflare by 22.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 57,937 shares of the company's stock valued at $6,239,000 after acquiring an additional 10,729 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in Cloudflare by 17.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 8,870 shares of the company's stock valued at $955,000 after acquiring an additional 1,343 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NET shares. Guggenheim raised their price target on Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a report on Friday, May 9th. Jefferies Financial Group decreased their price target on Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a report on Friday, May 9th. Oppenheimer reiterated an "outperform" rating and issued a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Susquehanna decreased their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Finally, Piper Sandler restated a "neutral" rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Cloudflare has a consensus rating of "Moderate Buy" and an average target price of $152.32.

Cloudflare Stock Up 2.1%

NET stock traded up $4.01 during mid-day trading on Friday, reaching $195.26. The company had a trading volume of 2,418,387 shares, compared to its average volume of 3,171,846. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The stock has a 50 day simple moving average of $174.58 and a two-hundred day simple moving average of $142.60. The company has a market capitalization of $67.68 billion, a price-to-earnings ratio of -848.09 and a beta of 1.85. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $198.01.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The firm's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.16 earnings per share. As a group, equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 41,556 shares of Cloudflare stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total transaction of $6,515,149.68. Following the completion of the transaction, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $37,870,209. The trade was a 14.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $152.68, for a total value of $7,997,989.12. Following the transaction, the chief executive officer owned 10,426 shares of the company's stock, valued at $1,591,841.68. This represents a 83.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 581,062 shares of company stock worth $99,070,153. 10.89% of the stock is owned by company insiders.

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.