UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Stock Position in Cloudflare, Inc. (NYSE:NET)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 12.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,342,967 shares of the company's stock after selling 325,318 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.68% of Cloudflare worth $252,291,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of NET. Groupama Asset Managment bought a new position in Cloudflare in the fourth quarter worth approximately $269,200,000. Norges Bank bought a new position in shares of Cloudflare during the 4th quarter worth $249,544,000. American Century Companies Inc. increased its stake in shares of Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock valued at $243,098,000 after buying an additional 1,017,399 shares during the period. Fred Alger Management LLC raised its holdings in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after acquiring an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares during the period. Hedge funds and other institutional investors own 82.68% of the company's stock.

Cloudflare Stock Performance

Shares of NET opened at $156.37 on Thursday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a 50-day moving average of $120.84 and a two-hundred day moving average of $121.13. The stock has a market cap of $53.96 billion, a P/E ratio of -710.79 and a beta of 1.78. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last released 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 5.52% and a negative net margin of 4.72%. 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 firm earned $0.16 EPS. The company's revenue for the quarter was up 26.5% compared to the same quarter last year. As a group, research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analysts Forecast Growth

NET has been the topic of a number of research reports. Susquehanna cut their target price on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Needham & Company LLC lifted their price objective on shares of Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a report on Friday, May 9th. Truist Financial boosted their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Piper Sandler reaffirmed a "neutral" rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Finally, Mizuho upgraded Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price target on the stock in a report on Wednesday, April 16th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $141.79.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 2,311 shares of the business's stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $107.75, for a total transaction of $249,010.25. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at $44,545,250.75. The trade was a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $107.29, for a total value of $2,750,915.60. Following the sale, the insider now directly owns 413,413 shares in the company, valued at $44,355,080.77. This represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 529,199 shares of company stock worth $68,401,233. Company insiders own 12.83% 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.

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