KBC Group NV Buys 8,796 Shares of Cloudflare, Inc. (NYSE:NET)

KBC Group NV grew its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,451 shares of the company's stock after buying an additional 8,796 shares during the quarter. KBC Group NV's holdings in Cloudflare were worth $5,573,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. NBC Securities Inc. purchased a new stake in Cloudflare in the 1st quarter worth about $27,000. GPS Wealth Strategies Group LLC increased its holdings in shares of Cloudflare by 213.4% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after purchasing an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares in the last quarter. Global Financial Private Client LLC lifted its position in shares of Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after purchasing an additional 381 shares in the last quarter. Finally, CVA Family Office LLC boosted its holdings in shares of Cloudflare by 37.1% during the first quarter. CVA Family Office LLC now owns 392 shares of the company's stock worth $44,000 after purchasing an additional 106 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Performance

Cloudflare stock traded up $5.62 during mid-day trading on Friday, reaching $191.26. The company had a trading volume of 1,848,809 shares, compared to its average volume of 3,158,154. 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 firm has a market cap of $66.29 billion, a price-to-earnings ratio of -831.54 and a beta of 1.85. The company has a 50 day moving average of $161.39 and a 200-day moving average of $137.31. 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 announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 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 company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same period in the prior year, the company posted $0.16 EPS. The firm's quarterly revenue was up 26.5% on a year-over-year basis. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of several research reports. Susquehanna dropped their price objective on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research note on Monday, May 12th. Mizuho upgraded Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price objective for the company in a report on Wednesday, April 16th. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Oppenheimer reiterated an "outperform" rating and set a $200.00 price target (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of "Hold" and an average target price of $145.92.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 9,000 shares of Cloudflare stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $196.09, for a total transaction of $1,764,810.00. Following the sale, the insider owned 160,377 shares in the company, valued at $31,448,325.93. The trade was a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $171.25, for a total transaction of $8,970,760.00. Following the transaction, the chief executive officer directly owned 381,213 shares of the company's stock, valued at $65,282,726.25. The trade was a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 530,987 shares of company stock worth $80,832,794 in the last three months. Company insiders own 10.89% of the company's stock.

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.