Sumitomo Mitsui DS Asset Management Company Ltd Cuts Position in Cloudflare, Inc. (NYSE:NET)

by · The Cerbat Gem

Sumitomo Mitsui DS Asset Management Company Ltd decreased its holdings in Cloudflare, Inc. (NYSE:NET – Free Report) by 0.9% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 27,757 shares of the company’s stock after selling 258 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cloudflare were worth $3,128,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of NET. Oppenheimer Asset Management Inc. purchased a new position in Cloudflare in the fourth quarter valued at approximately $416,000. Proficio Capital Partners LLC purchased a new position in Cloudflare in the fourth quarter valued at approximately $100,000. US Bancorp DE raised its stake in shares of Cloudflare by 2.6% during the fourth quarter. US Bancorp DE now owns 35,828 shares of the company’s stock valued at $3,858,000 after purchasing an additional 908 shares during the period. Metis Global Partners LLC raised its stake in shares of Cloudflare by 10.4% during the fourth quarter. Metis Global Partners LLC now owns 4,179 shares of the company’s stock valued at $450,000 after purchasing an additional 393 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in shares of Cloudflare by 65.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,243 shares of the company’s stock valued at $136,000 after purchasing an additional 492 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

NET stock opened at $191.26 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The stock has a market capitalization of $66.29 billion, a price-to-earnings ratio of -831.54 and a beta of 1.85. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $198.01. The stock’s fifty day moving average is $161.39 and its two-hundred day moving average is $137.31.

Cloudflare (NYSE:NET – Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The business’s quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 earnings per share. On average, research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In related news, insider Douglas James Kramer sold 9,000 shares of Cloudflare stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $196.09, for a total transaction of $1,764,810.00. Following the sale, the insider directly owned 160,377 shares in the company, valued at $31,448,325.93. The trade was a 5.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the sale, the chief financial officer owned 241,550 shares in the company, valued at approximately $43,662,578. This represents a 3.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 530,987 shares of company stock valued at $80,832,794. 10.89% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NET. Morgan Stanley lifted their price objective on shares of Cloudflare from $144.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. CICC Research upgraded shares of Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective on the stock in a research note on Monday, May 12th. Royal Bank Of Canada dropped their price objective on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group dropped their price objective on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a research note on Friday, May 9th. Finally, Needham & Company LLC lifted their price objective on shares of Cloudflare from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus target price of $145.92.

View Our Latest Stock Analysis on Cloudflare

About Cloudflare

(Free Report)

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.

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