Korea Investment CORP Has $33.63 Million Holdings in Cloudflare, Inc. $NET

Korea Investment CORP trimmed its position in shares of Cloudflare, Inc. (NYSE:NET) by 19.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 156,728 shares of the company’s stock after selling 38,911 shares during the period. Korea Investment CORP’s holdings in Cloudflare were worth $33,632,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Cloudflare by 2.6% during the third quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock worth $6,934,958,000 after buying an additional 821,684 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cloudflare by 5.1% during the 2nd quarter. Geode Capital Management LLC now owns 5,536,679 shares of the company’s stock worth $1,081,533,000 after acquiring an additional 270,227 shares during the period. Norges Bank acquired a new position in shares of Cloudflare during the 2nd quarter worth approximately $541,462,000. Charles Schwab Investment Management Inc. raised its stake in Cloudflare by 3.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,368,906 shares of the company’s stock valued at $268,073,000 after acquiring an additional 47,698 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Cloudflare by 96.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock valued at $279,588,000 after purchasing an additional 639,245 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Cloudflare Trading Up 3.3%

Shares of Cloudflare stock opened at $201.59 on Tuesday. The company has a market capitalization of $70.61 billion, a price-to-earnings ratio of -695.11 and a beta of 1.98. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. Cloudflare, Inc. has a 12-month low of $89.42 and a 12-month high of $260.00. The firm’s 50-day moving average price is $184.32 and its two-hundred day moving average price is $202.65.

Cloudflare (NYSE:NET) last issued its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The company had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. During the same period in the previous year, the company earned $0.19 EPS. The business’s revenue for the quarter was up 33.6% compared to the same quarter last year. On average, analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 41,557 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the sale, the chief financial officer owned 85,452 shares of the company’s stock, valued at approximately $15,812,038.08. This trade represents a 32.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michelle Zatlyn sold 35,080 shares of Cloudflare stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total value of $6,573,641.20. Following the completion of the transaction, the insider owned 34,514 shares in the company, valued at approximately $6,467,578.46. The trade was a 50.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 551,851 shares of company stock valued at $102,673,182 over the last three months. 10.89% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on NET shares. Citigroup upped their price objective on shares of Cloudflare from $260.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Wolfe Research reissued a “peer perform” rating on shares of Cloudflare in a report on Monday, January 26th. UBS Group restated a “neutral” rating and set a $220.00 price objective on shares of Cloudflare in a research report on Wednesday, February 11th. Argus upped their target price on Cloudflare from $238.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Finally, BTIG Research lifted their price target on Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.70.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.