Vanguard Group Inc. Has $3.48 Billion Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• Vanguard Group Inc. increased its stake in Cloudflare, owning 30,836,909 shares worth approximately $3.48 billion, representing 8.94% of the company by the end of the reporting period.
• Cloudflare's stock opened at $210.34, with a market capitalization of $72.91 billion, and its revenue for the last quarter was reported to be $512.32 million, up 27.8% year-over-year.
• Several analysts have upgraded Cloudflare’s stock ratings, with price targets ranging from $200.00 to $240.00, indicating strong bullish sentiment despite some sell ratings from others.

Vanguard Group Inc. boosted its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,836,909 shares of the company's stock after purchasing an additional 538,850 shares during the period. Vanguard Group Inc. owned 8.94% of Cloudflare worth $3,475,011,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CreativeOne Wealth LLC lifted its holdings in shares of 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 during the last quarter. Gill Capital Partners LLC raised its position in Cloudflare by 2.9% during the first quarter. Gill Capital Partners LLC now owns 2,761 shares of the company's stock valued at $311,000 after acquiring an additional 79 shares in the last quarter. Spire Wealth Management lifted its stake in 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 acquiring an additional 95 shares during the last quarter. Yousif Capital Management LLC increased its stake in shares of Cloudflare by 2.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after purchasing an additional 98 shares during the last quarter. Finally, Ellevest Inc. raised its holdings in shares of Cloudflare by 2.3% during the 4th 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. Hedge funds and other institutional investors own 82.68% of the company's stock.

Cloudflare Trading Down 2.4%

Shares of NET opened at $210.34 on Friday. The stock's 50-day moving average price is $188.39 and its 200 day moving average price is $151.66. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. The firm has a market capitalization of $72.91 billion, a price-to-earnings ratio of -618.64 and a beta of 1.84. Cloudflare, Inc. has a 12-month low of $74.88 and a 12-month high of $219.00.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. Cloudflare's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 EPS. As a group, research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NET shares. Scotiabank upped their price objective on shares of Cloudflare from $135.00 to $200.00 and gave the stock a "sector perform" rating in a report on Friday, August 1st. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Morgan Stanley increased their price objective on Cloudflare from $225.00 to $235.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Bank of America boosted their target price on Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, JMP Securities upped their target price on Cloudflare from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research report on Monday, July 28th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $186.88.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 59,130 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $200.30, for a total value of $11,843,739.00. Following the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at $48,382,465. The trade was a 19.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michelle Zatlyn sold 35,098 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the transaction, the insider owned 6,390 shares of the company's stock, valued at approximately $1,002,143.70. This represents a 84.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 691,062 shares of company stock valued at $122,093,547 in the last ninety days. 10.89% of the stock is owned by company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.