Bamco Inc. NY Has $68.80 Million Stock Position in Cloudflare, Inc. (NYSE:NET)

Bamco Inc. NY cut its stake in shares of Cloudflare, Inc. (NYSE:NET) by 1.6% in the third quarter, Holdings Channel reports. The firm owned 850,480 shares of the company’s stock after selling 13,683 shares during the quarter. Bamco Inc. NY’s holdings in Cloudflare were worth $68,795,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NET. Baillie Gifford & Co. boosted its holdings in Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after buying an additional 2,575,396 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Cloudflare by 1.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock worth $137,616,000 after acquiring an additional 19,446 shares during the last quarter. Marshall Wace LLP grew its holdings in Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after purchasing an additional 855,334 shares during the period. American Century Companies Inc. increased its stake in Cloudflare by 24.8% in the second quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after purchasing an additional 277,228 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Cloudflare by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 1,251,670 shares of the company’s stock worth $103,676,000 after purchasing an additional 35,884 shares during the period. Institutional investors own 82.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NET shares. BNP Paribas started coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Scotiabank increased their price target on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Piper Sandler lifted their price objective on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Mizuho increased their target price on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Susquehanna raised their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $92.88.

Cloudflare Stock Up 0.5 %

NET stock opened at $99.83 on Monday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $116.00. The company has a market cap of $34.26 billion, a price-to-earnings ratio of -383.96 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The business has a 50 day moving average price of $90.25 and a two-hundred day moving average price of $82.52.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, Director Maria S. Eitel sold 6,875 shares of Cloudflare stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.00, for a total transaction of $605,000.00. Following the completion of the transaction, the director now directly owns 5,927 shares of the company’s stock, valued at $521,576. The trade was a 53.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the transaction, the insider now owns 185,386 shares in the company, valued at approximately $15,114,520.58. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 606,952 shares of company stock worth $53,078,202 in the last ninety days. Insiders own 12.83% of the company’s stock.

Cloudflare Company Profile

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, script management, security center, and rate limiting products.