Carnegie Investment Counsel Raises Stake in Cloudflare, Inc. (NYSE:NET)

Carnegie Investment Counsel lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 2.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 168,803 shares of the company’s stock after buying an additional 3,535 shares during the period. Carnegie Investment Counsel’s holdings in Cloudflare were worth $13,654,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after purchasing an additional 740,914 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Cloudflare during the 2nd quarter valued at about $7,319,000. Los Angeles Capital Management LLC lifted its holdings in shares of Cloudflare by 140.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 453,651 shares of the company’s stock worth $43,927,000 after acquiring an additional 265,281 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Cloudflare by 20.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock worth $84,745,000 after acquiring an additional 149,866 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Cloudflare by 2.0% in the first quarter. Swiss National Bank now owns 886,900 shares of the company’s stock valued at $85,879,000 after purchasing an additional 17,700 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In other news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $82.60, for a total transaction of $2,117,864.00. Following the completion of the transaction, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $15,873,820.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $78.89, for a total value of $1,183,350.00. Following the sale, the chief financial officer now owns 309,937 shares in the company, valued at approximately $24,450,929.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $82.60, for a total value of $2,117,864.00. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,873,820.20. This represents 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.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NET. Robert W. Baird lifted their price target on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. BNP Paribas assumed coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Scotiabank started coverage on Cloudflare in a research note on Monday, July 8th. They issued a “sector perform” rating and a $85.00 price objective on the stock. Mizuho increased their target price on shares of Cloudflare from $88.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 16th. Finally, Royal Bank of Canada lifted their price target on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cloudflare presently has an average rating of “Hold” and a consensus target price of $91.20.

Cloudflare Price Performance

Shares of NET stock opened at $93.47 on Friday. The firm has a fifty day moving average of $80.88 and a two-hundred day moving average of $81.06. The firm has a market cap of $31.94 billion, a P/E ratio of -322.31 and a beta of 1.10. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million during 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%. Cloudflare’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.12) earnings per share. As a group, research analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

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.