Western Financial Corp CA reduced its holdings in Cloudflare, Inc. (NYSE:NET – Free Report) by 24.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,858 shares of the company’s stock after selling 1,546 shares during the quarter. Western Financial Corp CA’s holdings in Cloudflare were worth $1,687,000 as of its most recent filing with the SEC.
A number of other institutional investors have also made changes to their positions in NET. Jennison Associates LLC boosted its stake in Cloudflare by 135.8% during the 1st quarter. Jennison Associates LLC now owns 4,394,484 shares of the company’s stock valued at $906,758,000 after purchasing an additional 2,530,872 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of Cloudflare by 4,042.6% during the fourth quarter. Corient Private Wealth LLC now owns 1,399,378 shares of the company’s stock worth $275,887,000 after buying an additional 1,365,598 shares during the last quarter. Swedbank AB lifted its holdings in shares of Cloudflare by 697.5% during the first quarter. Swedbank AB now owns 927,606 shares of the company’s stock worth $191,402,000 after buying an additional 811,297 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Cloudflare during the second quarter worth approximately $75,595,000. Finally, USS Investment Management Ltd boosted its position in shares of Cloudflare by 452.3% in the first quarter. USS Investment Management Ltd now owns 296,322 shares of the company’s stock valued at $61,156,000 after acquiring an additional 242,668 shares during the period. 82.68% of the stock is currently owned by institutional investors.
Cloudflare Stock Performance
Shares of NET stock traded down $23.54 during mid-day trading on Wednesday, reaching $324.16. The stock had a trading volume of 3,717,739 shares, compared to its average volume of 4,062,239. The firm’s 50 day simple moving average is $318.34 and its 200 day simple moving average is $262.18. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.22. Cloudflare, Inc. has a one year low of $158.83 and a one year high of $370.35. The firm has a market cap of $114.58 billion, a PE ratio of -558.90, a P/E/G ratio of 279.06 and a beta of 1.65.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on NET shares. DZ Bank downgraded shares of Cloudflare from a “strong-buy” rating to a “strong sell” rating in a research note on Friday, August 7th. Guggenheim upped their target price on shares of Cloudflare from $140.00 to $160.00 and gave the company a “sell” rating in a research note on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cloudflare in a report on Friday, July 17th. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price target on shares of Cloudflare in a report on Monday, October 5th. Finally, Citizens Jmp restated a “market outperform” rating and issued a $394.00 price target on shares of Cloudflare in a research report on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $330.59.
Read Our Latest Stock Analysis on NET
Insider Buying and Selling at Cloudflare
In other news, insider Alissa Michelle Starzak sold 2,538 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $304.68, for a total transaction of $773,277.84. Following the completion of the transaction, the insider directly owned 112,082 shares of the company’s stock, valued at approximately $34,149,143.76. This trade represents a 2.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michelle Zatlyn sold 33,003 shares of Cloudflare stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $348.29, for a total transaction of $11,494,614.87. Following the sale, the insider owned 69,775 shares in the company, valued at approximately $24,301,934.75. This trade represents a 32.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 458,839 shares of company stock worth $138,172,392 over the last three months. 10.66% of the stock is currently owned by corporate insiders.
About Cloudflare
Cloudflare, Inc is a connectivity cloud company that provides services designed to help organizations make their websites, applications and networks more secure, reliable and faster. Its global network sits between users and the services they access, supporting content delivery, domain name system services, traffic optimization and protection against distributed denial-of-service attacks and other online threats.
The company offers a range of application and network security products, including web application firewalls, bot management, application programming interface protection, zero-trust security and secure access services.
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