Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cloudflare Inc (NYSE:NET) by 819.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,998 shares of the company’s stock after purchasing an additional 108,731 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cloudflare were worth $4,386,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. UBS Group AG grew its holdings in Cloudflare by 159.9% during the 4th quarter. UBS Group AG now owns 8,723 shares of the company’s stock valued at $149,000 after buying an additional 5,367 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Cloudflare by 134.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 527,055 shares of the company’s stock worth $8,992,000 after acquiring an additional 302,028 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Cloudflare during the fourth quarter valued at $357,000. Geode Capital Management LLC bought a new stake in Cloudflare in the 4th quarter valued at $5,051,000. Finally, Norges Bank purchased a new stake in Cloudflare in the 4th quarter worth $27,249,000. Institutional investors and hedge funds own 25.40% of the company’s stock.
In related news, major shareholder Uv Partners Iv Lp sold 1,000,000 shares of Cloudflare stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $26.00, for a total value of $26,000,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Douglas James Kramer sold 7,084 shares of Cloudflare stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $29.65, for a total value of $210,040.60. Following the completion of the sale, the general counsel now owns 2,632 shares of the company’s stock, valued at $78,038.80. The disclosure for this sale can be found here. Insiders sold a total of 10,906,574 shares of company stock valued at $379,631,418 over the last quarter. Company insiders own 35.89% of the company’s stock.
A number of research analysts have recently weighed in on NET shares. Wells Fargo & Co raised their price objective on Cloudflare from $27.50 to $30.00 and gave the company an “overweight” rating in a research report on Friday, May 15th. SunTrust Banks lowered shares of Cloudflare from a “buy” rating to a “hold” rating and set a $24.00 price objective for the company. in a research note on Friday, April 24th. Morgan Stanley raised shares of Cloudflare from an “underweight” rating to an “equal weight” rating and set a $34.00 target price on the stock in a research note on Thursday, June 18th. Oppenheimer lifted their price target on shares of Cloudflare from $35.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Piper Sandler upped their price target on shares of Cloudflare from $29.00 to $41.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $36.44.
Shares of NET stock opened at $41.62 on Friday. The company’s 50-day simple moving average is $36.15 and its two-hundred day simple moving average is $26.00. Cloudflare Inc has a one year low of $14.50 and a one year high of $42.60.
Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $91.25 million during the quarter, compared to analysts’ expectations of $86.85 million. The firm’s revenue for the quarter was up 47.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.19) EPS. On average, equities analysts forecast that Cloudflare Inc will post -0.35 EPS for the current fiscal year.
Cloudflare Company Profile
CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.
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