Bamco Inc. NY Reduces Position in Cloudflare, Inc. $NET

Bamco Inc. NY decreased its holdings in Cloudflare, Inc. (NYSE:NET) by 10.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 454,234 shares of the company’s stock after selling 52,239 shares during the period. Bamco Inc. NY’s holdings in Cloudflare were worth $97,474,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Reliant Investment Partners LLC grew its position in shares of Cloudflare by 1.5% in the third quarter. Reliant Investment Partners LLC now owns 3,316 shares of the company’s stock valued at $718,000 after purchasing an additional 50 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in Cloudflare by 1.8% during the third quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company’s stock worth $605,000 after buying an additional 51 shares in the last quarter. Brown Brothers Harriman & Co. lifted its position in Cloudflare by 55.4% during the third quarter. Brown Brothers Harriman & Co. now owns 157 shares of the company’s stock worth $34,000 after buying an additional 56 shares in the last quarter. Bogart Wealth LLC boosted its stake in Cloudflare by 28.0% during the third quarter. Bogart Wealth LLC now owns 270 shares of the company’s stock worth $58,000 after buying an additional 59 shares during the last quarter. Finally, Rothschild Investment LLC boosted its stake in Cloudflare by 37.4% during the third quarter. Rothschild Investment LLC now owns 224 shares of the company’s stock worth $48,000 after buying an additional 61 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Needham & Company LLC cut their target price on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. New Street Research set a $140.00 price target on shares of Cloudflare in a research report on Wednesday, February 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cloudflare in a report on Wednesday, January 21st. Wells Fargo & Company raised their price objective on shares of Cloudflare from $265.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Finally, Guggenheim lifted their target price on shares of Cloudflare from $117.00 to $140.00 and gave the stock a “sell” rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $233.38.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $212.46 on Friday. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00. The business’s fifty day simple moving average is $185.42 and its 200-day simple moving average is $203.02. The firm has a market cap of $74.42 billion, a PE 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 (NYSE:NET) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 33.6% on a year-over-year basis. During the same period last year, the company earned $0.19 EPS. Equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 41,557 shares of Cloudflare stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the completion of the sale, the chief financial officer directly owned 85,452 shares in the company, valued at $15,812,038.08. This trade represents a 32.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $6,573,641.20. Following the completion of the sale, the insider directly owned 34,514 shares in the company, valued at $6,467,578.46. This trade represents a 50.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 526,210 shares of company stock valued at $97,324,213 over the last 90 days. 10.89% of the stock is owned by company insiders.

About Cloudflare

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.