Mitsubishi UFJ Trust & Banking Corp Sells 60,623 Shares of Cloudflare, Inc. (NYSE:NET)

Mitsubishi UFJ Trust & Banking Corp decreased its position in shares of Cloudflare, Inc. (NYSE:NET) by 5.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 971,471 shares of the company’s stock after selling 60,623 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.28% of Cloudflare worth $104,608,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of NET. Baxter Bros Inc. lifted its holdings in Cloudflare by 3.8% during the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company’s stock worth $296,000 after acquiring an additional 100 shares during the period. Keystone Investors PTE Ltd. bought a new stake in shares of Cloudflare during the 4th quarter valued at $265,000. TIAA Trust National Association purchased a new stake in shares of Cloudflare in the fourth quarter worth about $9,751,000. FineMark National Bank & Trust bought a new position in Cloudflare in the 4th quarter valued at $220,000. Finally, EFG Asset Management North America Corp. boosted its stake in Cloudflare by 3.3% during the fourth quarter. EFG Asset Management North America Corp. now owns 32,706 shares of the company’s stock valued at $3,525,000 after buying an additional 1,052 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,226,652.76. This represents a 82.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was 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 owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 566,766 shares of company stock worth $73,779,200. 12.83% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on NET. Truist Financial increased their price objective on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. The Goldman Sachs Group cut their target price on Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Piper Sandler reduced their price objective on shares of Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group increased their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald upped their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $131.64.

Cloudflare Stock Performance

NYSE NET opened at $124.22 on Tuesday. The stock has a fifty day simple moving average of $137.01 and a 200-day simple moving average of $110.56. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market cap of $42.86 billion, a PE ratio of -564.61 and a beta of 1.27. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37.

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

Cloudflare 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.