First Citizens Bank & Trust Co. Makes New $1.73 Million Investment in Cloudflare, Inc. $NET

Key Points

• First Citizens Bank & Trust Co. bought a new $1.73 million stake in Cloudflare during the third quarter, purchasing 4,994 shares. Institutional investors collectively own 82.68% of the company.
• Cloudflare reported quarterly revenue of $696.06 million, up 35.9% year over year, and earnings of $0.29 per share, exceeding analyst expectations. The stock opened at $314.76, down 2.9%, below the analyst consensus price target of $330.59.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and price targets ranging as high as $430. However, insiders sold 458,839 shares worth approximately $138.2 million in the latest quarter.

First Citizens Bank & Trust Co. purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 4,994 shares of the company's stock, valued at approximately $1,734,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Boyce & Associates Wealth Consulting Inc. acquired a new stake in Cloudflare during the third quarter worth approximately $1,181,000. Signal Advisors Wealth LLC acquired a new position in shares of Cloudflare in the third quarter valued at approximately $521,000. Krilogy Financial LLC grew its position in shares of Cloudflare by 42.3% in the third quarter. Krilogy Financial LLC now owns 6,084 shares of the company's stock valued at $2,135,000 after purchasing an additional 1,810 shares during the last quarter. Sax Wealth Advisors LLC acquired a new position in shares of Cloudflare in the third quarter valued at approximately $583,000. Finally, NorthCrest Asset Manangement LLC increased its stake in shares of Cloudflare by 45.9% during the third quarter. NorthCrest Asset Manangement LLC now owns 4,342 shares of the company's stock worth $1,484,000 after purchasing an additional 1,365 shares during the period. 82.68% of the stock is owned by institutional investors.

Cloudflare Trading Down 2.9%

NET opened at $314.76 on Friday. Cloudflare, Inc. has a twelve month low of $158.83 and a twelve month high of $370.35. The company has a 50-day simple moving average of $319.61 and a 200 day simple moving average of $263.78. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.22.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. Cloudflare had a negative net margin of 8.21% and a negative return on equity of 3.88%. The firm had revenue of $696.06 million for the quarter, compared to analyst estimates of $664.66 million. During the same period last year, the firm earned $0.21 EPS. The business's quarterly revenue was up 35.9% compared to the same quarter last year. Cloudflare has set its Q3 2026 guidance at 0.340-0.340 EPS and its FY 2026 guidance at 1.250-1.260 EPS. On average, research analysts predict that Cloudflare, Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, Director Carl Ledbetter sold 5,000 shares of Cloudflare stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $353.15, for a total transaction of $1,765,750.00. Following the transaction, the director owned 873,073 shares in the company, valued at approximately $308,325,729.95. The trade was a 0.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $332.46, for a total value of $3,324,600.00. Following the completion of the sale, the chief financial officer owned 107,902 shares of the company's stock, valued at $35,873,098.92. The trade was a 8.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 458,839 shares of company stock valued at $138,172,392 in the last quarter. 10.66% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. The Goldman Sachs Group restated a "buy" rating and issued a $389.00 price target on shares of Cloudflare in a research note on Friday, August 7th. Zacks Research lowered Cloudflare from a "strong-buy" rating to a "hold" rating in a report on Friday, August 14th. Oppenheimer increased their price objective on Cloudflare from $380.00 to $430.00 and gave the stock an "outperform" rating in a research report on Friday, October 9th. UBS Group lifted their target price on Cloudflare from $250.00 to $350.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. Finally, Mizuho boosted their target price on shares of Cloudflare from $260.00 to $310.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Cloudflare presently has an average rating of "Moderate Buy" and a consensus target price of $330.59.

About Cloudflare

Cloudflare, Inc is a connectivity cloud company that provides services designed to help organizations make their websites, applications and networks more secure, reliable and faster. Its global network sits between users and the services they access, supporting content delivery, domain name system services, traffic optimization and protection against distributed denial-of-service attacks and other online threats.

The company offers a range of application and network security products, including web application firewalls, bot management, application programming interface protection, zero-trust security and secure access services.

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