Cloudflare, Inc. (NYSE:NET) Stock Position Cut by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co reduced its stake in Cloudflare, Inc. (NYSE:NET) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 364,315 shares of the company’s stock after selling 5,107 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Cloudflare were worth $39,251,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Groupama Asset Managment acquired a new stake in Cloudflare in the fourth quarter worth approximately $269,200,000. Norges Bank bought a new stake in shares of Cloudflare in the 4th quarter worth $249,544,000. American Century Companies Inc. lifted its holdings in shares of Cloudflare by 82.0% in 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. Invesco Ltd. boosted its stake in Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock valued at $116,178,000 after buying an additional 804,059 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in Cloudflare by 454.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company’s stock worth $94,660,000 after acquiring an additional 720,568 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 31,136 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $120.10, for a total value of $3,739,433.60. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $30,369,566.90. This represents a 10.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 579,389 shares of company stock worth $74,559,343 in the last 90 days. 12.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Scotiabank raised their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. Piper Sandler decreased their price target on shares of Cloudflare from $131.00 to $112.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Robert W. Baird reiterated a “neutral” rating and set a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Guggenheim boosted their target price on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research report on Friday, February 7th. Finally, Stifel Nicolaus lifted their price target on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $134.84.

Cloudflare Stock Performance

Shares of NET opened at $107.81 on Friday. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The company’s fifty day moving average is $128.02 and its 200-day moving average is $114.01. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $37.20 billion, a price-to-earnings ratio of -490.03 and a beta of 1.59.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) 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 expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal 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.