Mitsubishi UFJ Asset Management Co. Ltd. Has $27.82 Million Stock Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Cloudflare, Inc. by 10.5% in the first quarter, now owning approximately 0.07% of the company valued at $27.8 million.
• Insider sales were notable, with CFO Thomas J. Seifert and CEO Matthew Prince reducing their respective stakes by 12.42% and 12.08%, selling shares valued at over $15 million combined.
• Analysts have mixed views on Cloudflare, with price targets ranging from $70.00 to $235.00 and a consensus rating of "Moderate Buy".

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 10.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,861 shares of the company's stock after buying an additional 23,545 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.07% of Cloudflare worth $27,819,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NET. Fred Alger Management LLC grew its holdings in Cloudflare by 856.3% in the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after buying an additional 836,591 shares in the last quarter. Invesco Ltd. grew its holdings in Cloudflare by 292.5% in the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock valued at $116,178,000 after buying an additional 804,059 shares in the last quarter. Vanguard Group Inc. grew its holdings in Cloudflare by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company's stock valued at $3,475,011,000 after buying an additional 538,850 shares in the last quarter. Alfreton Capital LLP bought a new stake in shares of Cloudflare during the 1st quarter valued at $48,457,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Cloudflare during the 1st quarter valued at $39,898,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $190.68, for a total value of $4,889,225.88. Following the completion of the sale, the insider owned 6,390 shares of the company's stock, valued at approximately $1,218,445.20. This represents a 80.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 34,270 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at approximately $48,351,063.50. The trade was a 12.42% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 638,678 shares of company stock valued at $114,296,189. Corporate insiders own 10.89% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NET shares. Citigroup reiterated an "outperform" rating on shares of Cloudflare in a research report on Monday, July 28th. Bank of America upped their target price on Cloudflare from $235.00 to $240.00 and gave the company a "buy" rating in a research report on Friday, August 1st. CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price for the company in a research report on Monday, May 12th. Susquehanna cut their target price on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Finally, Cowen reiterated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $186.88.

Cloudflare Trading Up 0.5%

Cloudflare stock traded up $0.92 during trading hours on Tuesday, hitting $202.09. The stock had a trading volume of 2,247,563 shares, compared to its average volume of 3,359,190. The stock has a market cap of $70.42 billion, a price-to-earnings ratio of -594.38 and a beta of 1.84. The business's 50 day simple moving average is $190.37 and its 200-day simple moving average is $153.51. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. Cloudflare, Inc. has a one year low of $74.88 and a one year 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 the consensus estimate of $0.18 by $0.03. The company had revenue of $512.32 million during the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The business's quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 earnings per share. On average, equities analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.