DekaBank Deutsche Girozentrale Sells 1,408 Shares of Cloudflare, Inc. (NYSE:NET)

DekaBank Deutsche Girozentrale lowered its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 2.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,576 shares of the company's stock after selling 1,408 shares during the period. DekaBank Deutsche Girozentrale's holdings in Cloudflare were worth $6,056,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. CreativeOne Wealth LLC raised its stake in Cloudflare by 0.8% in the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after acquiring an additional 58 shares during the period. Spire Wealth Management raised its stake in Cloudflare by 11.0% in the 1st quarter. Spire Wealth Management now owns 962 shares of the company's stock valued at $108,000 after acquiring an additional 95 shares during the period. Yousif Capital Management LLC raised its stake in Cloudflare by 2.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after acquiring an additional 98 shares during the period. Baxter Bros Inc. raised its stake in Cloudflare by 3.8% in the 4th quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after acquiring an additional 100 shares during the period. Finally, Ellevest Inc. raised its stake in Cloudflare by 2.3% in the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after acquiring an additional 102 shares during the period. Institutional investors own 82.68% of the company's stock.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 15,000 shares of Cloudflare stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $193.94, for a total value of $2,909,100.00. Following the sale, the director directly owned 1,058,073 shares in the company, valued at $205,202,677.62. The trade was a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 581,060 shares of company stock valued at $95,040,197. Company insiders own 10.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Bank of America upgraded Cloudflare from an "underperform" rating to a "buy" rating and increased their price target for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Oppenheimer restated an "outperform" rating and issued a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Jefferies Financial Group lowered their price objective on Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a research report on Friday, May 9th. The Goldman Sachs Group lowered their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Finally, Needham & Company LLC increased their price objective on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $148.92.

Cloudflare Stock Performance

Cloudflare stock opened at $181.18 on Friday. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $198.01. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. The business's 50-day moving average price is $169.44 and its two-hundred day moving average price is $140.49. The stock has a market cap of $62.80 billion, a PE ratio of -787.74 and a beta of 1.85.

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

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