Penserra Capital Management LLC Sells 92,045 Shares of Cloudflare, Inc. (NYSE:NET)

Penserra Capital Management LLC lowered its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 12.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 671,088 shares of the company's stock after selling 92,045 shares during the quarter. Cloudflare makes up 1.3% of Penserra Capital Management LLC's investment portfolio, making the stock its 13th largest holding. Penserra Capital Management LLC owned about 0.19% of Cloudflare worth $75,624,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Capital World Investors increased its stake in Cloudflare by 0.7% in the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after purchasing an additional 260,415 shares in the last quarter. Geode Capital Management LLC boosted its position in Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after acquiring an additional 68,661 shares during the period. Groupama Asset Managment acquired a new stake in Cloudflare during the 4th quarter worth about $269,200,000. Norges Bank acquired a new stake in Cloudflare during the 4th quarter worth about $249,544,000. Finally, American Century Companies Inc. boosted its position in Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the period. Hedge funds and other institutional investors own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. UBS Group raised their price objective on Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Mizuho upgraded Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price objective for the company in a research report on Wednesday, April 16th. Piper Sandler restated a "neutral" rating and set a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Morgan Stanley raised their price objective on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. 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 issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cloudflare has a consensus rating of "Hold" and an average target price of $145.92.

Cloudflare Stock Performance

Shares of NET stock traded up $5.62 during trading on Friday, reaching $191.26. The company had a trading volume of 1,848,809 shares, compared to its average volume of 3,162,496. The firm's 50 day simple moving average is $162.79 and its two-hundred day simple moving average is $138.01. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $198.01. The company has a market capitalization of $66.29 billion, a PE ratio of -831.54 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share 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 during the quarter, compared to the consensus estimate of $469.49 million. During the same period in the previous year, the business posted $0.16 earnings per share. The firm's revenue was up 26.5% on a year-over-year basis. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 35,098 shares of Cloudflare stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the transaction, the insider directly owned 6,390 shares of the company's stock, valued at $1,002,143.70. The trade was a 84.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 41,556 shares of Cloudflare stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total value of $6,515,149.68. Following the completion of the transaction, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $37,870,209. This represents a 14.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 530,987 shares of company stock valued at $80,832,794 in the last three months. 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.