Zurcher Kantonalbank Zurich Cantonalbank Sells 19,901 Shares of Cloudflare, Inc. (NYSE:NET)

Posted by on Apr 22nd, 2023

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in Cloudflare, Inc. (NYSE:NET – Get Rating) by 20.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,448 shares of the company’s stock after selling 19,901 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cloudflare were worth $3,592,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of NET. PNC Financial Services Group Inc. raised its position in Cloudflare by 48.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock worth $1,066,000 after purchasing an additional 2,912 shares during the last quarter. MetLife Investment Management LLC bought a new position in Cloudflare in the 1st quarter worth approximately $1,950,000. Synovus Financial Corp bought a new position in Cloudflare in the 1st quarter worth approximately $439,000. Cibc World Market Inc. raised its position in Cloudflare by 16.8% in the 1st quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock worth $2,611,000 after purchasing an additional 3,140 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Cloudflare by 10.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock worth $21,732,000 after purchasing an additional 17,681 shares during the last quarter. Institutional investors own 69.97% of the company’s stock.

Insider Transactions at Cloudflare

In other news, General Counsel Douglas James Kramer sold 3,500 shares of the stock in a transaction dated Friday, January 27th. The shares were sold at an average price of $50.00, for a total transaction of $175,000.00. Following the completion of the transaction, the general counsel now directly owns 55,644 shares in the company, valued at approximately $2,782,200. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, General Counsel Douglas James Kramer sold 3,500 shares of the stock in a transaction dated Friday, January 27th. The shares were sold at an average price of $50.00, for a total transaction of $175,000.00. Following the completion of the transaction, the general counsel now directly owns 55,644 shares in the company, valued at approximately $2,782,200. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, April 18th. The shares were sold at an average price of $64.49, for a total transaction of $967,350.00. Following the completion of the sale, the chief financial officer now owns 61,355 shares of the company’s stock, valued at $3,956,783.95. The disclosure for this sale can be found here. Insiders sold a total of 419,507 shares of company stock worth $25,669,548 in the last three months. Insiders own 15.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NET. Truist Financial lifted their target price on shares of Cloudflare from $57.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, February 10th. The Goldman Sachs Group began coverage on shares of Cloudflare in a report on Tuesday, February 14th. They set a “sell” rating and a $51.00 target price for the company. Guggenheim lowered shares of Cloudflare from a “neutral” rating to a “sell” rating and set a $36.00 target price for the company. in a report on Tuesday, January 17th. Piper Sandler lifted their target price on shares of Cloudflare from $46.00 to $64.00 and gave the stock a “neutral” rating in a report on Friday, February 10th. Finally, Royal Bank of Canada lifted their target price on shares of Cloudflare from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Friday, February 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $67.78.

Cloudflare Stock Performance

NET stock opened at $62.80 on Friday. The stock has a 50-day moving average price of $60.19 and a two-hundred day moving average price of $52.93. The company has a current ratio of 4.74, a quick ratio of 4.74 and a debt-to-equity ratio of 2.30. Cloudflare, Inc. has a 1 year low of $37.37 and a 1 year high of $102.83.

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

Cloudflare Company Profile

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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.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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