Cloudflare, Inc. (NYSE:NET) Shares Purchased by Truist Financial Corp

Truist Financial Corp boosted its position in Cloudflare, Inc. (NYSE:NET) by 1.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,388 shares of the company’s stock after acquiring an additional 331 shares during the quarter. Truist Financial Corp’s holdings in Cloudflare were worth $2,364,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Yousif Capital Management LLC boosted its holdings in Cloudflare by 4.0% in the fourth quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock valued at $283,000 after acquiring an additional 130 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in Cloudflare by 0.5% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock valued at $2,278,000 after acquiring an additional 132 shares during the last quarter. Quent Capital LLC boosted its holdings in Cloudflare by 8.1% in the fourth quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock valued at $156,000 after acquiring an additional 140 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in Cloudflare by 1.2% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 19,736 shares of the company’s stock valued at $1,244,000 after purchasing an additional 239 shares during the period. Finally, Profund Advisors LLC raised its position in Cloudflare by 1.2% in the third quarter. Profund Advisors LLC now owns 21,982 shares of the company’s stock valued at $1,386,000 after purchasing an additional 251 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on NET. DZ Bank raised Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research report on Tuesday. Susquehanna cut their price objective on Cloudflare from $115.00 to $80.00 and set a “neutral” rating on the stock in a research report on Monday. Bank of America raised their price objective on Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a research report on Friday, May 3rd. Oppenheimer cut their price objective on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Finally, Truist Financial raised their price objective on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus target price of $89.48.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total value of $4,955,002.56. Following the completion of the sale, the chief executive officer now directly owns 12,183 shares in the company, valued at $1,152,389.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 44,220 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $100.16, for a total value of $4,429,075.20. Following the completion of the sale, the director now directly owns 1,363,066 shares in the company, valued at $136,524,690.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total value of $4,955,002.56. Following the completion of the sale, the chief executive officer now owns 12,183 shares of the company’s stock, valued at $1,152,389.97. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,141,153 shares of company stock worth $108,765,387. Company insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

Shares of NYSE NET opened at $72.45 on Thursday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock has a 50 day simple moving average of $92.19 and a 200-day simple moving average of $83.85. The company has a market cap of $24.46 billion, a PE ratio of -136.70 and a beta of 1.15. Cloudflare, Inc. has a 12-month low of $45.47 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.2 EPS for the current 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.