Zurcher Kantonalbank Zurich Cantonalbank Buys 171 Shares of Cloudflare, Inc. (NYSE:NET)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 0.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,329 shares of the company’s stock after acquiring an additional 171 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cloudflare were worth $6,660,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. CreativeOne Wealth LLC boosted its stake in Cloudflare by 13.3% in the 3rd quarter. CreativeOne Wealth LLC now owns 6,924 shares of the company’s stock worth $560,000 after purchasing an additional 811 shares during the period. Blueshift Asset Management LLC acquired a new position in shares of Cloudflare during the third quarter worth about $3,209,000. Cynosure Group LLC bought a new position in shares of Cloudflare during the third quarter worth about $271,000. Townsquare Capital LLC raised its position in Cloudflare by 3.1% in the 3rd quarter. Townsquare Capital LLC now owns 41,920 shares of the company’s stock valued at $3,391,000 after buying an additional 1,267 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in Cloudflare in the 3rd quarter valued at approximately $106,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. BNP Paribas initiated coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Susquehanna lifted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. UBS Group lifted their target price on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Piper Sandler increased their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus price target of $92.88.

Cloudflare Stock Performance

NYSE:NET opened at $99.83 on Monday. The stock has a 50 day simple moving average of $90.25 and a 200 day simple moving average of $82.52. The stock has a market cap of $34.26 billion, a P/E ratio of -383.96 and a beta of 1.10. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $116.00. 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 earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting 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 return on equity of 7.18% and a negative net margin of 5.97%. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total value of $4,089,095.04. Following the transaction, the chief executive officer now owns 10,761 shares in the company, valued at approximately $840,003.66. This trade represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. This trade represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 606,952 shares of company stock worth $53,078,202 in the last quarter. 12.83% of the stock is currently owned by corporate insiders.

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.