Bank of New York Mellon Corp Has $138.52 Million Stock Position in Cloudflare, Inc. (NYSE:NET)

Bank of New York Mellon Corp increased its position in shares of Cloudflare, Inc. (NYSE:NET) by 1.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,286,372 shares of the company’s stock after purchasing an additional 23,641 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.37% of Cloudflare worth $138,516,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in NET. Capital Performance Advisors LLP acquired a new stake in shares of Cloudflare during the 3rd quarter worth about $38,000. Quarry LP increased its position in shares of Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Cloudflare during the 3rd quarter worth about $54,000. Versant Capital Management Inc increased its position in shares of Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after purchasing an additional 217 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Up 3.4 %

Cloudflare stock opened at $145.48 on Friday. The company’s 50 day simple moving average is $132.65 and its 200 day simple moving average is $104.96. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The firm has a market capitalization of $49.93 billion, a price-to-earnings ratio of -661.26 and a beta of 1.12. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $109.90, for a total value of $1,648,500.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $27,790,303.10. The trade was a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 638,046 shares of company stock valued at $81,243,344. 12.83% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NET has been the subject of several research reports. Jefferies Financial Group raised their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Truist Financial raised their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Piper Sandler raised their price objective on shares of Cloudflare from $92.00 to $153.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, Wells Fargo & Company raised their price objective on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Cloudflare has an average rating of “Hold” and a consensus target price of $136.28.

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.