PNC Financial Services Group Inc. Sells 2,170 Shares of Cloudflare, Inc. (NYSE:NET)

PNC Financial Services Group Inc. decreased its stake in Cloudflare, Inc. (NYSE:NET) by 27.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,709 shares of the company’s stock after selling 2,170 shares during the period. PNC Financial Services Group Inc.’s holdings in Cloudflare were worth $644,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in NET. Sei Investments Co. raised its position in Cloudflare by 20.2% in the second quarter. Sei Investments Co. now owns 24,466 shares of the company’s stock worth $2,589,000 after acquiring an additional 4,106 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Cloudflare by 27.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 41,616 shares of the company’s stock worth $4,405,000 after acquiring an additional 9,032 shares during the period. Ethic Inc. bought a new stake in Cloudflare in the second quarter worth about $244,000. Skandinaviska Enskilda Banken AB publ raised its position in Cloudflare by 10.2% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 36,240 shares of the company’s stock worth $3,836,000 after acquiring an additional 3,364 shares during the period. Finally, Gulf International Bank UK Ltd raised its position in Cloudflare by 16.6% in the second quarter. Gulf International Bank UK Ltd now owns 39,418 shares of the company’s stock worth $4,172,000 after acquiring an additional 5,606 shares during the period. 66.43% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have recently issued reports on the stock. Credit Suisse Group assumed coverage on shares of Cloudflare in a research report on Tuesday, November 16th. They issued a “neutral” rating and a $205.00 price target on the stock. Evercore ISI reissued a “buy” rating on shares of Cloudflare in a research report on Sunday, November 7th. Zacks Investment Research lowered shares of Cloudflare from a “buy” rating to a “hold” rating in a research report on Tuesday. Piper Sandler lowered their price target on shares of Cloudflare from $226.00 to $115.00 and set a “neutral” rating on the stock in a research report on Thursday, January 6th. Finally, Wells Fargo & Company boosted their price target on shares of Cloudflare from $122.00 to $210.00 and gave the company an “equal weight” rating in a research report on Friday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $157.73.

NET stock opened at $100.29 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 8.51 and a quick ratio of 8.51. Cloudflare, Inc. has a one year low of $60.96 and a one year high of $221.64. The stock has a market cap of $32.27 billion, a PE ratio of -143.27 and a beta of 0.52. The firm has a 50 day simple moving average of $155.93 and a two-hundred day simple moving average of $140.64.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 4th. The company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.05). Cloudflare had a negative return on equity of 13.32% and a negative net margin of 36.83%. The company had revenue of $172.35 million during the quarter, compared to analysts’ expectations of $165.65 million. During the same period in the prior year, the firm earned ($0.06) EPS. Cloudflare’s quarterly revenue was up 51.0% on a year-over-year basis. On average, research analysts expect that Cloudflare, Inc. will post -0.32 EPS for the current fiscal year.

In other news, Director Carl Ledbetter sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 10th. The shares were sold at an average price of $101.43, for a total value of $1,014,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,385 shares of the business’s stock in a transaction that occurred on Friday, November 19th. The stock was sold at an average price of $214.94, for a total transaction of $11,259,631.90. The disclosure for this sale can be found here. In the last three months, insiders sold 706,965 shares of company stock valued at $116,637,770. Corporate insiders own 20.69% of the company’s stock.

Cloudflare 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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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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