Nomura Asset Management Co. Ltd. Raises Stock Holdings in Cloudflare, Inc. $NET

Nomura Asset Management Co. Ltd. boosted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 10.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,961 shares of the company’s stock after purchasing an additional 10,947 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Cloudflare were worth $22,317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Quaker Wealth Management LLC lifted its position in shares of Cloudflare by 218.6% during the second quarter. Quaker Wealth Management LLC now owns 166 shares of the company’s stock valued at $33,000 after buying an additional 306 shares during the last quarter. Hilltop National Bank purchased a new position in shares of Cloudflare in the 2nd quarter worth approximately $36,000. Ameritas Advisory Services LLC bought a new position in shares of Cloudflare during the 2nd quarter worth approximately $39,000. Cullen Frost Bankers Inc. bought a new position in shares of Cloudflare during the 2nd quarter worth approximately $45,000. Finally, Whipplewood Advisors LLC lifted its position in Cloudflare by 277.6% during the second quarter. Whipplewood Advisors LLC now owns 253 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Down 2.8%

Cloudflare stock opened at $196.54 on Wednesday. The business’s 50-day simple moving average is $221.30 and its two-hundred day simple moving average is $197.12. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market cap of $68.85 billion, a PE ratio of -655.15 and a beta of 2.10. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00.

Insider Activity

In related news, Director Mark J. Hawkins sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $254.15, for a total value of $254,150.00. Following the sale, the director owned 10,990 shares in the company, valued at $2,793,108.50. This represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $207.96, for a total transaction of $3,119,400.00. Following the completion of the transaction, the director owned 983,073 shares in the company, valued at approximately $204,439,861.08. This trade represents a 1.50% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 510,225 shares of company stock valued at $108,621,381. 10.89% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

NET has been the topic of several analyst reports. Bank of America lifted their price target on shares of Cloudflare from $235.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Argus raised their price objective on Cloudflare from $238.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Robert W. Baird set a $220.00 target price on Cloudflare in a research report on Friday, October 31st. UBS Group raised their price target on Cloudflare from $240.00 to $245.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Finally, Oppenheimer began coverage on Cloudflare in a research note on Monday, November 10th. They set an “outperform” rating and a $260.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $235.35.

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.