Tobam Acquires Shares of 931 Cloudflare, Inc. (NYSE:NET)

Tobam acquired a new stake in Cloudflare, Inc. (NYSE:NET) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 931 shares of the company’s stock, valued at approximately $75,000.

A number of other institutional investors have also recently bought and sold shares of NET. Baillie Gifford & Co. grew its stake in Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares during the period. Marshall Wace LLP grew its stake in shares of Cloudflare by 123.4% during the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after acquiring an additional 855,334 shares during the period. Vanguard Group Inc. grew its stake in shares of Cloudflare by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after acquiring an additional 740,914 shares during the period. Capital World Investors grew its stake in shares of Cloudflare by 2.1% during the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after acquiring an additional 584,566 shares during the period. Finally, SpiderRock Advisors LLC bought a new position in shares of Cloudflare during the 1st quarter worth $37,740,000. Institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Wolfe Research assumed coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Royal Bank of Canada increased their price target on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Morgan Stanley reiterated an “equal weight” rating and set a $92.00 price target on shares of Cloudflare in a research note on Monday, June 17th. BNP Paribas started coverage on Cloudflare in a report on Tuesday. They set an “underperform” rating and a $65.00 price objective on the stock. Finally, Piper Sandler increased their price objective on Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $91.20.

Insider Activity

In related news, CAO Janel Riley sold 3,495 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares in the company, valued at $6,546,941.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Janel Riley sold 3,495 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares in the company, valued at $6,546,941.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $78.89, for a total value of $1,183,350.00. Following the transaction, the chief financial officer now owns 309,937 shares in the company, valued at approximately $24,450,929.93. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 417,784 shares of company stock worth $33,130,625. 12.83% of the stock is currently owned by insiders.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $93.50 on Friday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $31.95 billion, a PE ratio of -322.41 and a beta of 1.10. The business’s 50-day moving average price is $80.88 and its 200-day moving average price is $81.18. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The company’s revenue was up 30.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.12) EPS. Sell-side analysts forecast that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Cloudflare Company 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.