Cloudflare, Inc. (NYSE:NET) Shares Sold by Korea Investment CORP

Posted by Defense World Staff on Jun 5th, 2023

Korea Investment CORP reduced its position in Cloudflare, Inc. (NYSE:NET – Get Rating) by 7.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 67,921 shares of the company’s stock after selling 5,324 shares during the period. Korea Investment CORP’s holdings in Cloudflare were worth $3,071,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Utah Retirement Systems lifted its stake in shares of Cloudflare by 0.4% in the third quarter. Utah Retirement Systems now owns 47,762 shares of the company’s stock worth $2,642,000 after acquiring an additional 200 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Cloudflare by 45.4% during the 4th quarter. First Horizon Advisors Inc. now owns 682 shares of the company’s stock valued at $31,000 after acquiring an additional 213 shares during the last quarter. Westpac Banking Corp lifted its position in shares of Cloudflare by 1.2% during the 4th quarter. Westpac Banking Corp now owns 18,006 shares of the company’s stock valued at $814,000 after acquiring an additional 222 shares during the last quarter. IFP Advisors Inc raised its stake in Cloudflare by 1.8% during the 3rd quarter. IFP Advisors Inc now owns 14,656 shares of the company’s stock valued at $394,000 after purchasing an additional 264 shares during the period. Finally, Forum Financial Management LP increased its stake in shares of Cloudflare by 11.5% in the first quarter. Forum Financial Management LP now owns 2,653 shares of the company’s stock worth $317,000 after acquiring an additional 273 shares during the last quarter. 69.97% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $42.33, for a total value of $634,950.00. Following the completion of the sale, the chief financial officer now directly owns 266,343 shares of the company’s stock, valued at approximately $11,274,299.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cloudflare news, Director Katrin Suder sold 2,500 shares of Cloudflare stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $70.00, for a total transaction of $175,000.00. Following the transaction, the director now owns 43,388 shares of the company’s stock, valued at $3,037,160. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $42.33, for a total value of $634,950.00. Following the transaction, the chief financial officer now directly owns 266,343 shares in the company, valued at approximately $11,274,299.19. The disclosure for this sale can be found here. Insiders sold a total of 363,454 shares of company stock valued at $20,932,689 in the last three months. 15.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JMP Securities decreased their price target on shares of Cloudflare from $90.00 to $60.00 in a report on Friday, April 28th. Royal Bank of Canada lowered their price target on shares of Cloudflare from $70.00 to $54.00 in a report on Friday, April 28th. Piper Sandler reduced their price objective on shares of Cloudflare from $64.00 to $50.00 in a research note on Friday, April 28th. Cantor Fitzgerald reduced their price target on shares of Cloudflare from $65.00 to $50.00 in a research report on Friday, April 28th. Finally, Citigroup lifted their price target on shares of Cloudflare from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Monday, February 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus price target of $61.04.

Cloudflare Stock Up 1.4 %

NET stock opened at $70.64 on Monday. The company has a debt-to-equity ratio of 2.20, a current ratio of 4.40 and a quick ratio of 4.40. The firm has a fifty day moving average price of $57.18 and a 200 day moving average price of $53.53. Cloudflare, Inc. has a fifty-two week low of $37.37 and a fifty-two week high of $80.99.

Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings data on Thursday, April 27th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $290.18 million during the quarter, compared to the consensus estimate of $290.96 million. Cloudflare had a negative net margin of 18.05% and a negative return on equity of 25.10%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.32 earnings per share for the current fiscal 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.