QRG Capital Management Inc. Acquires 16,770 Shares of Cloudflare, Inc. (NYSE:NET)

QRG Capital Management Inc. increased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 34.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,151 shares of the company's stock after buying an additional 16,770 shares during the period. QRG Capital Management Inc.'s holdings in Cloudflare were worth $7,342,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Capital World Investors boosted its holdings 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 buying an additional 260,415 shares during the period. Geode Capital Management LLC boosted its holdings in Cloudflare by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after buying an additional 68,661 shares during the period. Groupama Asset Managment bought a new position in Cloudflare in the 4th quarter worth approximately $269,200,000. Norges Bank bought a new position in Cloudflare in the 4th quarter worth approximately $249,544,000. Finally, American Century Companies Inc. boosted its holdings in Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after buying an additional 1,017,399 shares during the period. 82.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Guggenheim raised their price objective on shares of Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a report on Friday, May 9th. Jefferies Financial Group lowered their target price on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a research note on Friday, May 9th. Susquehanna lowered their target price on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research note on Monday, May 12th. Mizuho upgraded shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 target price on the stock in a research note on Wednesday, April 16th. Finally, Morgan Stanley increased their target price on shares of Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $145.92.

Cloudflare Price Performance

Shares of NYSE:NET opened at $180.78 on Wednesday. The stock has a market cap of $62.66 billion, a PE ratio of -786.00 and a beta of 1.84. The company's fifty day moving average is $142.60 and its 200 day moving average is $131.18. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $182.59. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. During the same quarter in the previous year, the business earned $0.16 EPS. Cloudflare's revenue for the quarter was up 26.5% compared to the same quarter last year. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total value of $1,200,000.00. Following the transaction, the chief financial officer now owns 293,582 shares in the company, valued at approximately $35,229,840. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michelle Zatlyn sold 25,640 shares of the business's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $130.85, for a total transaction of $3,354,994.00. Following the completion of the transaction, the insider now owns 413,413 shares in the company, valued at $54,095,091.05. The trade was a 5.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 557,217 shares of company stock worth $81,105,568. 10.89% of the stock is currently owned by company insiders.

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.

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