EFG Asset Management Americas Corp. Trims Stock Position in Cloudflare, Inc. $NET

EFG Asset Management Americas Corp. lessened its stake in Cloudflare, Inc. (NYSE:NET) by 19.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,552 shares of the company’s stock after selling 4,241 shares during the period. EFG Asset Management Americas Corp.’s holdings in Cloudflare were worth $3,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Cloudflare by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after purchasing an additional 821,684 shares during the last quarter. Invesco Ltd. increased its stake in Cloudflare by 1.3% in the 3rd quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock valued at $850,792,000 after purchasing an additional 49,485 shares in the last quarter. Norges Bank acquired a new position in shares of Cloudflare during the 2nd quarter worth $541,462,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cloudflare by 3.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,368,906 shares of the company’s stock valued at $268,073,000 after purchasing an additional 47,698 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Cloudflare by 96.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock worth $279,588,000 after buying an additional 639,245 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. TD Cowen reissued a “buy” rating on shares of Cloudflare in a research note on Tuesday, January 27th. Wolfe Research restated a “peer perform” rating on shares of Cloudflare in a report on Monday, January 26th. Cantor Fitzgerald restated a “neutral” rating and set a $224.00 price objective on shares of Cloudflare in a research note on Wednesday, February 11th. BTIG Research lifted their price target on shares of Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Finally, Barclays upped their price target on shares of Cloudflare from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $233.38.

Cloudflare Trading Up 0.2%

Shares of NET stock opened at $212.46 on Friday. The stock has a 50-day simple moving average of $185.42 and a 200 day simple moving average of $203.02. The stock has a market capitalization of $74.42 billion, a P/E ratio of -732.59 and a beta of 1.98. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The company’s revenue was up 33.6% compared to the same quarter last year. During the same period last year, the company posted $0.19 EPS. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Janel Riley sold 23,332 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $190.00, for a total transaction of $4,433,080.00. Following the completion of the sale, the chief accounting officer directly owned 56,791 shares of the company’s stock, valued at approximately $10,790,290. This represents a 29.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $189.50, for a total value of $4,858,969.50. Following the completion of the sale, the insider directly owned 34,514 shares in the company, valued at approximately $6,540,403. This represents a 42.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 526,210 shares of company stock valued at $97,324,213. 10.89% of the stock is currently owned by company insiders.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.