Westpac Banking Corp Has $1.30 Million Holdings in Cloudflare, Inc. (NYSE:NET)

Posted by on Aug 3rd, 2023

Westpac Banking Corp grew its position in Cloudflare, Inc. (NYSE:NET – Free Report) by 16.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,045 shares of the company’s stock after purchasing an additional 3,039 shares during the period. Westpac Banking Corp’s holdings in Cloudflare were worth $1,298,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. TFC Financial Management Inc. acquired a new position in Cloudflare in the 4th quarter worth about $29,000. Belpointe Asset Management LLC acquired a new stake in Cloudflare in the 4th quarter valued at approximately $31,000. First Horizon Advisors Inc. grew its holdings in Cloudflare by 45.4% in the 4th quarter. First Horizon Advisors Inc. now owns 682 shares of the company’s stock valued at $31,000 after buying an additional 213 shares during the last quarter. Bogart Wealth LLC grew its holdings in Cloudflare by 192.0% in the 1st quarter. Bogart Wealth LLC now owns 657 shares of the company’s stock valued at $41,000 after buying an additional 432 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC acquired a new stake in Cloudflare in the 4th quarter valued at approximately $45,000. 74.38% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

NET stock opened at $64.11 on Thursday. The business has a fifty day moving average price of $66.08 and a 200 day moving average price of $59.72. Cloudflare, Inc. has a fifty-two week low of $37.37 and a fifty-two week high of $80.99. The company has a quick ratio of 4.40, a current ratio of 4.40 and a debt-to-equity ratio of 2.20.

Insider Activity

In other news, Director Carl Ledbetter sold 30,115 shares of Cloudflare stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $65.72, for a total value of $1,979,157.80. Following the completion of the sale, the director now directly owns 1,882,824 shares of the company’s stock, valued at approximately $123,739,193.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, General Counsel Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the general counsel now directly owns 157,454 shares of the company’s stock, valued at approximately $7,872,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl Ledbetter sold 30,115 shares of Cloudflare stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $65.72, for a total value of $1,979,157.80. Following the sale, the director now directly owns 1,882,824 shares of the company’s stock, valued at $123,739,193.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 578,590 shares of company stock valued at $37,153,287. Company insiders own 14.80% of the company’s stock.

Analyst Ratings Changes

NET has been the topic of a number of research analyst reports. Royal Bank of Canada raised their target price on Cloudflare from $54.00 to $71.00 and gave the company an “outperform” rating in a report on Monday. KeyCorp raised their price objective on Cloudflare from $61.00 to $80.00 in a research report on Tuesday, July 18th. Cantor Fitzgerald reduced their price objective on Cloudflare from $65.00 to $50.00 in a research report on Friday, April 28th. UBS Group began coverage on Cloudflare in a research report on Monday, June 5th. They issued a “sell” rating and a $55.00 price objective for the company. Finally, Mizuho raised their price objective on Cloudflare from $49.00 to $65.00 in a research report on Monday, July 17th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $64.08.

View Our Latest Research Report on Cloudflare

About Cloudflare

(Free Report)

CloudFlare, Inc operates as a cloud services provider that delivers a range of 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 IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, secure origin connection, and rate limiting products.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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