Cloudflare, Inc. (NYSE:NET) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp reduced its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 971,471 shares of the company’s stock after selling 60,623 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Cloudflare were worth $104,608,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Hartline Investment Corp boosted its holdings in Cloudflare by 1.5% in the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after purchasing an additional 3,957 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after buying an additional 29,960 shares in the last quarter. Birchcreek Wealth Management LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at $215,000. Strategic Blueprint LLC acquired a new stake in Cloudflare during the 4th quarter worth $265,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Cloudflare during the 3rd quarter worth $591,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $113.98, for a total value of $5,970,728.32. Following the completion of the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,226,652.76. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the sale, the chief financial officer now directly owns 293,582 shares in the company, valued at $35,229,840. This trade represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 566,766 shares of company stock worth $73,779,200. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Stock Up 4.2 %

Shares of NYSE:NET opened at $124.22 on Tuesday. The company has a market capitalization of $42.86 billion, a price-to-earnings ratio of -564.61 and a beta of 1.27. The company has a 50 day moving average of $137.01 and a two-hundred day moving average of $110.56. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on NET shares. Stifel Nicolaus lifted their price target on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Truist Financial increased their price objective on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. JMP Securities boosted their target price on Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a report on Friday, February 7th. Piper Sandler decreased their price target on Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Finally, Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their target price for the company from $95.00 to $145.00 in a report on Friday, January 17th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $131.64.

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.