Sumitomo Mitsui Trust Group Inc. Has $158.66 Million Stock Position in Cloudflare, Inc. (NYSE:NET)

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 4.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,407,931 shares of the company's stock after selling 67,892 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.41% of Cloudflare worth $158,660,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NET. Bank of New York Mellon Corp raised its holdings in Cloudflare by 1.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company's stock worth $138,516,000 after purchasing an additional 23,641 shares during the last quarter. Amalgamated Bank raised its holdings in Cloudflare by 0.5% during the 4th quarter. Amalgamated Bank now owns 20,002 shares of the company's stock worth $2,154,000 after purchasing an additional 107 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its holdings in Cloudflare by 1.7% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 115,400 shares of the company's stock worth $12,426,000 after purchasing an additional 1,900 shares during the last quarter. Kovack Advisors Inc. bought a new stake in Cloudflare during the 4th quarter worth about $258,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Cloudflare during the 4th quarter worth about $416,000. 82.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on NET shares. CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective for the company in a report on Monday, May 12th. The Goldman Sachs Group cut their price target on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Guggenheim increased their price target on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research report on Friday, May 9th. Piper Sandler reiterated a "neutral" rating and issued a $151.00 price target (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Finally, Royal Bank Of Canada cut their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, ten have given 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 company currently has an average rating of "Hold" and an average target price of $145.92.

Cloudflare Trading Up 1.9%

NYSE:NET opened at $194.68 on Friday. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $194.71. 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 business has a 50 day moving average price of $155.06 and a two-hundred day moving average price of $135.38. The company has a market cap of $67.48 billion, a P/E ratio of -846.41 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results 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 return on equity of 6.31% and a negative net margin of 4.62%. The firm had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same period last year, the company earned $0.16 EPS. The company's revenue was up 26.5% compared to the same quarter last year. As a group, analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $180.76, for a total value of $1,807,600.00. Following the completion of the sale, the chief financial officer now owns 241,550 shares of the company's stock, valued at approximately $43,662,578. This represents a 3.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total value of $1,015,470.00. Following the completion of the sale, the insider now directly owns 188,406 shares of the company's stock, valued at approximately $21,257,848.98. The trade was a 4.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 515,987 shares of company stock valued at $77,174,354 in the last quarter. 10.89% of the stock is currently owned by insiders.

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.

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