Sumitomo Mitsui Trust Holdings Inc. Has $69.35 Million Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Posted by Defense World Staff on Apr 15th, 2023

Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) by 3.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,534,052 shares of the company’s stock after buying an additional 51,272 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.47% of Cloudflare worth $69,354,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Quadrant Capital Group LLC boosted its position in Cloudflare by 1,036.7% during the third quarter. Quadrant Capital Group LLC now owns 557 shares of the company’s stock valued at $31,000 after purchasing an additional 508 shares during the last quarter. Exos TFP Holdings LLC acquired a new position in Cloudflare in the third quarter worth approximately $44,000. TCI Wealth Advisors Inc. acquired a new position in Cloudflare in the third quarter worth approximately $46,000. Allworth Financial LP raised its position in Cloudflare by 56.5% during the fourth quarter. Allworth Financial LP now owns 1,363 shares of the company’s stock valued at $62,000 after acquiring an additional 492 shares in the last quarter. Finally, Spire Wealth Management lifted its stake in Cloudflare by 378.2% in the third quarter. Spire Wealth Management now owns 1,143 shares of the company’s stock valued at $63,000 after acquiring an additional 904 shares during the last quarter. 69.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NET. Guggenheim downgraded shares of Cloudflare from a “neutral” rating to a “sell” rating and set a $36.00 price target on the stock. in a report on Tuesday, January 17th. Mizuho boosted their price target on Cloudflare from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, February 10th. KeyCorp increased their price objective on Cloudflare from $59.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, February 10th. Loop Capital started coverage on Cloudflare in a report on Monday, February 6th. They issued a “hold” rating and a $52.00 target price for the company. Finally, The Goldman Sachs Group started coverage on Cloudflare in a research report on Tuesday, February 14th. They set a “sell” rating and a $51.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $67.78.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $62.41, for a total transaction of $3,269,285.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Thomas J. Seifert sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $45.07, for a total transaction of $901,400.00. Following the completion of the transaction, the chief financial officer now owns 86,433 shares in the company, valued at approximately $3,895,535.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, February 13th. The shares were sold at an average price of $62.41, for a total value of $3,269,285.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 424,507 shares of company stock worth $25,603,598. 15.99% of the stock is currently owned by corporate insiders.

Cloudflare Price Performance

Shares of NET opened at $64.68 on Friday. The stock’s 50-day moving average price is $59.68 and its 200 day moving average price is $52.68. The company has a debt-to-equity ratio of 2.30, a quick ratio of 4.74 and a current ratio of 4.74. Cloudflare, Inc. has a 12-month low of $37.37 and a 12-month high of $113.55.

Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings data on Thursday, February 9th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.09). The business had revenue of $274.70 million for the quarter, compared to analysts’ expectations of $274.29 million. Cloudflare had a negative return on equity of 27.64% and a negative net margin of 19.83%. On average, analysts predict that Cloudflare, Inc. will post -0.31 earnings per share for the current year.

About Cloudflare

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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 IoT devices.