Pictet Asset Management Holding SA Increases Stock Position in Cloudflare, Inc. $NET

Key Points

• Pictet Asset Management boosted its Cloudflare stake by 17.6% in the first quarter, buying 206,506 additional shares and bringing its total to 1,381,985 shares worth about $284.9 million.
• Wall Street sentiment is mixed but still broadly positive: Cloudflare has a Moderate Buy consensus, with 21 Buy ratings, though Goldman Sachs downgraded the stock to Sell. The average price target is $241.35.
• Cloudflare reported strong quarterly results, beating EPS and revenue estimates and posting 33.5% year-over-year revenue growth. Even so, insiders have been selling shares, including CEO Matthew Prince and insider Michelle Zatlyn.

Pictet Asset Management Holding SA increased its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 17.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,381,985 shares of the company's stock after buying an additional 206,506 shares during the quarter. Pictet Asset Management Holding SA owned about 0.39% of Cloudflare worth $284,900,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IMA Advisory Services Inc. lifted its stake in shares of Cloudflare by 4.5% in the 4th quarter. IMA Advisory Services Inc. now owns 1,290 shares of the company's stock valued at $254,000 after purchasing an additional 55 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in Cloudflare by 55.4% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 157 shares of the company's stock worth $34,000 after purchasing an additional 56 shares in the last quarter. Silver Oak Securities Incorporated increased its position in Cloudflare by 5.5% during the 4th quarter. Silver Oak Securities Incorporated now owns 1,090 shares of the company's stock worth $218,000 after purchasing an additional 57 shares in the last quarter. Certuity LLC raised its holdings in Cloudflare by 1.8% in the fourth quarter. Certuity LLC now owns 3,156 shares of the company's stock valued at $622,000 after buying an additional 57 shares during the period. Finally, Cigna Investments Inc. New raised its holdings in Cloudflare by 2.0% in the fourth quarter. Cigna Investments Inc. New now owns 3,062 shares of the company's stock valued at $604,000 after buying an additional 61 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Analyst Upgrades and Downgrades

NET has been the subject of several research reports. New Street Research reiterated a "market outperform" rating on shares of Cloudflare in a research note on Monday, June 15th. The Goldman Sachs Group downgraded shares of Cloudflare from a "buy" rating to a "sell" rating in a research note on Wednesday, April 15th. Mizuho upped their price target on shares of Cloudflare from $235.00 to $260.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 10th. Citigroup reiterated a "market outperform" rating on shares of Cloudflare in a report on Monday, June 15th. Finally, Barclays reissued an "overweight" rating and issued a $250.00 price objective on shares of Cloudflare in a research report on Monday, June 1st. Twenty-one investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, Cloudflare presently has an average rating of "Moderate Buy" and an average price target of $241.35.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Monday, April 6th. The shares were sold at an average price of $210.02, for a total transaction of $11,001,687.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michelle Zatlyn sold 35,080 shares of Cloudflare stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $213.98, for a total value of $7,506,418.40. Following the completion of the transaction, the insider owned 47,425 shares of the company's stock, valued at $10,148,001.50. This trade represents a 42.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 566,245 shares of company stock worth $121,338,593. 10.66% of the stock is currently owned by corporate insiders.

Cloudflare Stock Up 4.6%

Shares of NYSE NET opened at $237.06 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.96 and a current ratio of 1.96. Cloudflare, Inc. has a 1 year low of $158.83 and a 1 year high of $276.82. The stock's 50-day simple moving average is $222.06 and its 200-day simple moving average is $203.62. The firm has a market cap of $83.79 billion, a price-to-earnings ratio of -948.24, a PEG ratio of 238.93 and a beta of 1.70.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.02. Cloudflare had a negative return on equity of 5.65% and a negative net margin of 3.72%.The firm had revenue of $639.75 million during the quarter, compared to the consensus estimate of $620.83 million. During the same quarter in the prior year, the business posted $0.16 earnings per share. Cloudflare's revenue for the quarter was up 33.5% on a year-over-year basis. Cloudflare has set its FY 2026 guidance at 1.190-1.200 EPS and its Q2 2026 guidance at 0.270-0.270 EPS. As a group, equities analysts anticipate that Cloudflare, Inc. will post 0.02 earnings per share for the current fiscal year.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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