OVERSEA CHINESE BANKING Corp Ltd Purchases 22,366 Shares of Cloudflare, Inc. (NYSE:NET)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Cloudflare, Inc. by 1,071.2% in the first quarter, now owning 24,454 shares valued at approximately $2.76 million.
• Several large investors, including Mather Group LLC and NBC Securities Inc., also significantly boosted their holdings in Cloudflare, indicating growing institutional interest in the company.
• Cloudflare reported a 27.8% year-over-year revenue increase, with quarterly earnings exceeding analysts' estimates at $0.21 per share compared to the expected $0.18.

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 1,071.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,454 shares of the company's stock after acquiring an additional 22,366 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Cloudflare were worth $2,756,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Capital World Investors boosted its holdings in shares of Cloudflare by 0.7% in the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after acquiring an additional 260,415 shares during the period. Northern Trust Corp raised its position in shares of Cloudflare by 13.5% in the fourth quarter. Northern Trust Corp now owns 1,849,143 shares of the company's stock worth $199,116,000 after buying an additional 219,764 shares in the last quarter. Invesco Ltd. raised its position in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after buying an additional 804,059 shares in the last quarter. Fred Alger Management LLC raised its position in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after buying an additional 836,591 shares in the last quarter. Finally, Bamco Inc. NY raised its position in shares of Cloudflare by 5.5% in the fourth quarter. Bamco Inc. NY now owns 897,555 shares of the company's stock worth $96,649,000 after buying an additional 47,075 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Cloudflare Trading Down 0.2%

Shares of NYSE NET traded down $0.38 during trading hours on Tuesday, hitting $208.42. The company's stock had a trading volume of 892,140 shares, compared to its average volume of 3,715,084. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14. The stock has a market cap of $72.24 billion, a price-to-earnings ratio of -612.84 and a beta of 1.84. Cloudflare, Inc. has a 12 month low of $74.88 and a 12 month high of $215.58. The business has a 50-day simple moving average of $185.49 and a 200-day simple moving average of $150.17.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $512.32 million for 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%. Cloudflare's quarterly revenue was up 27.8% on a year-over-year basis. During the same period last year, the firm earned $0.20 earnings per share. On average, analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. DZ Bank reiterated a "sell" rating and issued a $170.00 price objective on shares of Cloudflare in a research report on Tuesday, July 22nd. Cowen reiterated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Piper Sandler raised their price target on Cloudflare from $151.00 to $224.00 and gave the company a "neutral" rating in a research report on Friday. KeyCorp raised their price target on Cloudflare from $210.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Mizuho raised their price target on Cloudflare from $220.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $186.88.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $198.22, for a total transaction of $594,660.00. Following the sale, the insider directly owned 157,377 shares of the company's stock, valued at approximately $31,195,268.94. The trade was a 1.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 59,130 shares of Cloudflare stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $200.30, for a total value of $11,843,739.00. Following the sale, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $48,382,465. The trade was a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 691,062 shares of company stock valued at $122,093,547 over the last ninety days. Corporate insiders own 10.89% of the company's stock.

Cloudflare 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.