Great West Life Assurance Co. Can lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 26.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 311,054 shares of the company’s stock after buying an additional 65,502 shares during the quarter. Great West Life Assurance Co. Can owned about 0.10% of Cloudflare worth $32,917,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of NET. Dimensional Fund Advisors LP increased its position in shares of Cloudflare by 112.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 37,432 shares of the company’s stock worth $2,844,000 after buying an additional 19,809 shares during the period. Comerica Bank grew its holdings in Cloudflare by 17.0% in the first quarter. Comerica Bank now owns 4,253 shares of the company’s stock worth $352,000 after purchasing an additional 618 shares during the period. Victory Capital Management Inc. grew its holdings in Cloudflare by 28.4% in the first quarter. Victory Capital Management Inc. now owns 81,243 shares of the company’s stock worth $5,708,000 after purchasing an additional 17,989 shares during the period. Envestnet Asset Management Inc. grew its holdings in Cloudflare by 5.3% in the first quarter. Envestnet Asset Management Inc. now owns 31,356 shares of the company’s stock worth $2,203,000 after purchasing an additional 1,575 shares during the period. Finally, Commerce Bank acquired a new stake in Cloudflare in the first quarter worth $200,000. Institutional investors own 66.94% of the company’s stock.
In other news, COO Michelle Zatlyn sold 33,330 shares of the company’s stock in a transaction dated Thursday, September 23rd. The shares were sold at an average price of $134.69, for a total value of $4,489,217.70. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $108.06, for a total transaction of $2,161,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 789,790 shares of company stock valued at $92,684,534 over the last quarter. 20.69% of the stock is currently owned by company insiders.
Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 5th. The company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.04. Cloudflare had a negative net margin of 25.63% and a negative return on equity of 12.61%. The firm had revenue of $152.43 million during the quarter, compared to analyst estimates of $146.22 million. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.46 earnings per share for the current year.
A number of research firms have weighed in on NET. BTIG Research lowered shares of Cloudflare from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $111.97 to $105.52 in a research note on Tuesday, July 20th. They noted that the move was a valuation call. Truist Securities raised their price target on shares of Cloudflare from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, August 6th. Zacks Investment Research raised shares of Cloudflare from a “sell” rating to a “hold” rating in a research report on Wednesday, September 1st. Oppenheimer lowered shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Royal Bank of Canada raised their price objective on shares of Cloudflare from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, August 6th. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $110.13.
CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.
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