Mitsubishi UFJ Asset Management Co. Ltd. Buys 22,112 Shares of Cloudflare, Inc. $NET

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Cloudflare, Inc. (NYSE:NET) by 8.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 292,100 shares of the company’s stock after purchasing an additional 22,112 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.08% of Cloudflare worth $62,682,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Cloudflare during the second quarter worth $541,462,000. Groupama Asset Managment bought a new stake in shares of Cloudflare in the 2nd quarter worth about $225,204,000. Vanguard Group Inc. lifted its holdings 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 worth $6,934,958,000 after acquiring an additional 821,684 shares during the last quarter. KBC Group NV boosted its stake in shares of Cloudflare by 1,388.7% during the 2nd quarter. KBC Group NV now owns 736,153 shares of the company’s stock worth $144,161,000 after purchasing an additional 686,702 shares during the period. Finally, Rakuten Investment Management Inc. bought a new position in Cloudflare during the 3rd quarter valued at about $138,660,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Ratings Changes

NET has been the subject of several recent analyst reports. Zacks Research lowered Cloudflare from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Guggenheim boosted their price objective on Cloudflare from $117.00 to $140.00 and gave the company a “sell” rating in a report on Wednesday, February 11th. KeyCorp reaffirmed an “overweight” rating on shares of Cloudflare in a research report on Wednesday, February 11th. Citigroup lifted their target price on Cloudflare from $260.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Finally, Stifel Nicolaus upped their price target on shares of Cloudflare from $230.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $230.70.

Insider Activity at Cloudflare

In related news, insider Michelle Zatlyn sold 35,080 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total value of $6,573,641.20. Following the completion of the transaction, the insider owned 34,514 shares of the company’s stock, valued at $6,467,578.46. The trade was a 50.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 41,557 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the sale, the chief financial officer owned 85,452 shares of the company’s stock, valued at approximately $15,812,038.08. This represents a 32.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 610,780 shares of company stock valued at $115,913,967 over the last ninety days. 10.89% of the stock is owned by company insiders.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $171.80 on Friday. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46. The stock’s fifty day moving average price is $185.86 and its 200-day moving average price is $202.94. The firm has a market cap of $60.18 billion, a P/E ratio of -592.38 and a beta of 1.97. Cloudflare, Inc. has a 12 month low of $89.42 and a 12 month high of $260.00.

Cloudflare (NYSE:NET) last issued its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. The company had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $591.67 million. During the same period in the prior year, the business earned $0.19 EPS. The firm’s quarterly revenue was up 33.6% on a year-over-year basis. On average, equities research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.