Cloudflare, Inc. (NYSE:NET) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp has reduced its stake in Cloudflare, Inc. by 13.7%, owning 837,960 shares valued at approximately $94.43 million after selling 133,511 shares.
• Analysts remain optimistic about Cloudflare, with target prices raised significantly by several firms, including Stifel Nicolaus increasing their target from $175.00 to $230.00 and Cantor Fitzgerald raising theirs from $162.00 to $199.00.
• Insider trading activity has seen CFO Thomas J. Seifert sell a total of 93,400 shares in July, reflecting a decrease in his ownership position by nearly 19.67%.

Mitsubishi UFJ Trust & Banking Corp reduced its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 13.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 837,960 shares of the company's stock after selling 133,511 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.24% of Cloudflare worth $94,430,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Blueshift Asset Management LLC lifted its position in Cloudflare by 36.0% in the first quarter. Blueshift Asset Management LLC now owns 9,908 shares of the company's stock worth $1,117,000 after purchasing an additional 2,623 shares during the period. Lyell Wealth Management LP boosted its holdings in Cloudflare by 6.7% during the first quarter. Lyell Wealth Management LP now owns 50,748 shares of the company's stock valued at $5,719,000 after acquiring an additional 3,190 shares during the period. Private Advisory Group LLC lifted its stake in shares of Cloudflare by 5.2% in the first quarter. Private Advisory Group LLC now owns 38,227 shares of the company's stock valued at $4,308,000 after buying an additional 1,881 shares during the period. Baader Bank Aktiengesellschaft acquired a new position in Cloudflare in the first quarter worth about $266,000. Finally, SlateStone Wealth LLC increased its holdings in shares of Cloudflare by 3.9% during the first quarter. SlateStone Wealth LLC now owns 3,181 shares of the company's stock worth $358,000 after buying an additional 119 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Stock Down 0.5%

Shares of NYSE NET traded down $0.99 on Tuesday, hitting $207.81. The company had a trading volume of 3,036,170 shares, compared to its average volume of 3,730,733. Cloudflare, Inc. has a 12-month low of $74.88 and a 12-month high of $215.58. The business has a 50 day moving average of $185.49 and a two-hundred day moving average of $150.17. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. The firm has a market capitalization of $72.03 billion, a P/E ratio of -611.21 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. The firm had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. Cloudflare's revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 earnings per share. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NET. Citigroup reissued an "outperform" rating on shares of Cloudflare in a research report on Monday, July 28th. CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target on the stock in a research note on Monday, May 12th. Morgan Stanley boosted their price objective on shares of Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a research note on Friday. Stifel Nicolaus lifted their target price on shares of Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a report on Friday. Finally, Needham & Company LLC boosted their price objective on shares of Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a report on Friday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $186.88.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 59,130 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the sale, the chief financial officer owned 241,550 shares in the company, valued at $48,382,465. This represents a 19.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 34,270 shares of the company's stock in a transaction that occurred on 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 sale, the chief financial officer owned 241,550 shares in the company, valued at $48,351,063.50. The trade was a 12.42% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 691,062 shares of company stock worth $122,093,547. Company insiders own 10.89% of the company's stock.

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.