Korea Investment CORP Sells 38,911 Shares of Cloudflare, Inc. $NET

Korea Investment CORP lowered its stake in Cloudflare, Inc. (NYSE:NET) by 19.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 156,728 shares of the company’s stock after selling 38,911 shares during the quarter. Korea Investment CORP’s holdings in Cloudflare were worth $33,632,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in NET. Vanguard Group Inc. grew its holdings in shares of Cloudflare by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after purchasing an additional 821,684 shares during the last quarter. Geode Capital Management LLC increased its position in 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 purchasing an additional 270,227 shares in the last quarter. Norges Bank bought a new position in Cloudflare in the 2nd quarter valued at approximately $541,462,000. Charles Schwab Investment Management Inc. lifted 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 purchasing an additional 47,698 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Cloudflare by 96.3% in the third 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 institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on NET. BTIG Research boosted their target price on shares of Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. DZ Bank raised Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price objective on the stock in a report on Friday, February 13th. TD Cowen restated a “buy” rating on shares of Cloudflare in a research report on Tuesday, January 27th. Royal Bank Of Canada upped their target price on Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, February 11th. Finally, Needham & Company LLC dropped their target price on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $230.70.

Cloudflare Price Performance

Shares of NYSE:NET opened at $201.59 on Tuesday. The firm has a market cap of $70.61 billion, a PE ratio of -695.11 and a beta of 1.98. The firm’s fifty day moving average is $184.32 and its 200-day moving average is $202.65. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. Cloudflare’s revenue for the quarter was up 33.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, insider Michelle Zatlyn sold 25,641 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $189.50, for a total transaction of $4,858,969.50. Following the completion of the transaction, the insider directly owned 34,514 shares in the company, valued at $6,540,403. This trade represents a 42.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $173.78, for a total value of $9,103,291.52. Following the completion of the transaction, the chief executive officer directly owned 22,911 shares in the company, valued at approximately $3,981,473.58. This represents a 69.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 551,851 shares of company stock worth $102,673,182. 10.89% of the stock is currently owned by insiders.

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.