Principal Financial Group Inc. Lowers Position in Cloudflare, Inc. (NYSE:NET)

Principal Financial Group Inc. reduced its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 14.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,613 shares of the company's stock after selling 10,872 shares during the quarter. Principal Financial Group Inc.'s holdings in Cloudflare were worth $7,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. CreativeOne Wealth LLC grew its holdings in Cloudflare by 0.8% during the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after buying an additional 58 shares in the last quarter. Spire Wealth Management grew its holdings in shares of Cloudflare by 11.0% in the first quarter. Spire Wealth Management now owns 962 shares of the company's stock valued at $108,000 after purchasing an additional 95 shares in the last quarter. Yousif Capital Management LLC grew its holdings in shares of Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after purchasing an additional 98 shares in the last quarter. Baxter Bros Inc. grew its holdings in shares of Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after purchasing an additional 100 shares in the last quarter. Finally, Ellevest Inc. grew its holdings in shares of Cloudflare by 2.3% in the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after purchasing an additional 102 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Performance

Shares of Cloudflare stock traded up $2.74 during midday trading on Wednesday, hitting $189.71. The company had a trading volume of 3,095,672 shares, compared to its average volume of 3,168,026. The stock has a market cap of $65.75 billion, a price-to-earnings ratio of -824.81 and a beta of 1.85. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. The company has a fifty day simple moving average of $171.89 and a 200 day simple moving average of $141.71. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $198.01.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. During the same period in the previous year, the company earned $0.16 earnings per share. Cloudflare's revenue was up 26.5% on a year-over-year basis. As a group, analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the completion of the sale, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $43,662,578. The trade was a 3.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $196.09, for a total value of $1,764,810.00. Following the completion of the sale, the insider owned 160,377 shares in the company, valued at approximately $31,448,325.93. This represents a 5.31% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 555,420 shares of company stock worth $92,289,281. 10.89% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on NET shares. Mizuho raised their target price on shares of Cloudflare from $155.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday. Cowen restated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Guggenheim raised their price target on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research report on Friday, May 9th. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, 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. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of "Hold" and an average price target of $152.32.

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.