Goldstream Capital Management Ltd Reduces Position in Cloudflare, Inc. $NET

Goldstream Capital Management Ltd decreased its holdings in Cloudflare, Inc. (NYSE:NET) by 15.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,178 shares of the company’s stock after selling 4,092 shares during the quarter. Cloudflare makes up 1.1% of Goldstream Capital Management Ltd’s portfolio, making the stock its 12th biggest position. Goldstream Capital Management Ltd’s holdings in Cloudflare were worth $4,759,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NET. Rakuten Investment Management Inc. purchased a new position in shares of Cloudflare during the 3rd quarter valued at approximately $138,660,000. Allianz Asset Management GmbH increased its stake in shares of Cloudflare by 322.4% in the third quarter. Allianz Asset Management GmbH now owns 65,182 shares of the company’s stock worth $13,987,000 after buying an additional 49,749 shares during the last quarter. National Pension Service raised its holdings in Cloudflare by 1.0% in the third quarter. National Pension Service now owns 618,662 shares of the company’s stock valued at $132,759,000 after acquiring an additional 5,939 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in Cloudflare in the second quarter valued at $87,868,000. Finally, Swedbank AB boosted its stake in Cloudflare by 27.7% during the 3rd quarter. Swedbank AB now owns 43,878 shares of the company’s stock valued at $9,416,000 after acquiring an additional 9,527 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on NET shares. Mizuho decreased their price objective on shares of Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a report on Wednesday, January 21st. Barclays increased their price target on shares of Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. TD Cowen reissued a “buy” rating on shares of Cloudflare in a report on Tuesday, January 27th. KeyCorp restated an “overweight” rating on shares of Cloudflare in a research note on Wednesday, February 11th. Finally, Guggenheim increased their target price on Cloudflare from $117.00 to $140.00 and gave the stock a “sell” rating in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $233.38.

Cloudflare Trading Up 0.2%

Cloudflare stock opened at $212.46 on Friday. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00. The firm’s 50-day moving average is $185.42 and its 200-day moving average is $202.99. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. The company has a market cap of $74.42 billion, a P/E ratio of -732.59 and a beta of 1.98.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. During the same quarter in the prior year, the firm earned $0.19 EPS. The company’s revenue for the quarter was up 33.6% compared to the same quarter last year. On average, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling at Cloudflare

In other news, CAO Janel Riley sold 23,332 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $190.00, for a total transaction of $4,433,080.00. Following the sale, the chief accounting officer directly owned 56,791 shares in the company, valued at approximately $10,790,290. This represents a 29.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $173.78, for a total value of $9,103,291.52. Following the transaction, the chief executive officer owned 22,911 shares of the company’s stock, valued at $3,981,473.58. This represents a 69.57% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 526,210 shares of company stock worth $97,324,213. Corporate insiders own 10.89% of the company’s stock.

About Cloudflare

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.