Cloudflare, Inc. $NET Shares Bought by ICONIQ Capital LLC

ICONIQ Capital LLC grew its holdings in Cloudflare, Inc. (NYSE:NET) by 983.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,136 shares of the company’s stock after purchasing an additional 21,000 shares during the quarter. ICONIQ Capital LLC’s holdings in Cloudflare were worth $4,965,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Cloudflare in the second quarter valued at approximately $541,462,000. Groupama Asset Managment purchased a new position in Cloudflare during the second quarter worth approximately $225,204,000. Vanguard Group Inc. boosted its stake 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. Rakuten Investment Management Inc. acquired a new position in Cloudflare during the third quarter worth $138,660,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in Cloudflare by 96.3% in 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 buying an additional 639,245 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 35,080 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the completion of the transaction, the insider owned 34,514 shares of the company’s stock, valued at $6,467,578.46. This trade represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $189.47, for a total transaction of $9,925,196.48. The disclosure for this sale is available in the SEC filing. Insiders have sold 523,690 shares of company stock valued at $96,821,800 over the last 90 days. 10.89% of the stock is owned by insiders.

Cloudflare Price Performance

NYSE:NET opened at $212.46 on Monday. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00. The stock’s fifty day moving average is $185.42 and its two-hundred day moving average is $203.00. The company has a market capitalization of $74.42 billion, a P/E ratio of -732.59 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 (NYSE:NET) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The company’s revenue was up 33.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.19 EPS. Equities analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

NET has been the subject of a number of recent research reports. Royal Bank Of Canada raised their target price on Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 11th. Wells Fargo & Company upped their price objective on shares of Cloudflare from $265.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Robert W. Baird set a $260.00 price objective on shares of Cloudflare and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Guggenheim raised their price objective on shares of Cloudflare from $117.00 to $140.00 and gave the stock a “sell” rating in a research report on Wednesday, February 11th. Finally, Zacks Research downgraded shares of Cloudflare from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Cloudflare currently has an average rating of “Moderate Buy” and an average target price of $233.38.

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.