M&T Bank Corp Cuts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

M&T Bank Corp lessened its holdings in Cloudflare, Inc. (NYSE:NET) by 16.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,345 shares of the company’s stock after selling 2,376 shares during the quarter. M&T Bank Corp’s holdings in Cloudflare were worth $998,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CVA Family Office LLC boosted its stake in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares in the last quarter. Quarry LP boosted its position in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Cloudflare during the 3rd quarter worth $38,000. Quest Partners LLC purchased a new position in shares of Cloudflare in the 3rd quarter valued at about $54,000. Finally, Blue Trust Inc. lifted its stake in shares of Cloudflare by 37,600.0% in the second quarter. Blue Trust Inc. now owns 754 shares of the company’s stock valued at $62,000 after purchasing an additional 752 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 64,100 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the completion of the sale, the chief operating officer now owns 192,177 shares in the company, valued at approximately $15,681,643.20. The trade was a 25.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $78.36, for a total transaction of $1,175,400.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $22,050,739.08. The trade was a 5.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 524,824 shares of company stock valued at $49,037,888. Insiders own 12.83% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on NET shares. BNP Paribas assumed coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Scotiabank raised their price objective on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. Piper Sandler boosted their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. Finally, UBS Group boosted their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $95.20.

Cloudflare Stock Performance

Cloudflare stock opened at $113.60 on Monday. The stock has a fifty day moving average price of $96.10 and a 200 day moving average price of $85.10. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $116.00. The firm has a market capitalization of $38.99 billion, a P/E ratio of -436.92 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Equities research analysts anticipate that Cloudflare, Inc. will post -0.1 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.