BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Lowers Stock Holdings in Cloudflare, Inc. (NYSE:NET)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in Cloudflare, Inc. (NYSE:NET) by 12.1% in the third quarter, Holdings Channel.com reports. The firm owned 50,245 shares of the company’s stock after selling 6,896 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Cloudflare were worth $4,064,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC lifted its position in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Cloudflare in the 2nd quarter worth approximately $29,000. Quarry LP lifted its holdings in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Cloudflare during the 3rd quarter valued at $38,000. Finally, Quest Partners LLC bought a new position in shares of Cloudflare during the 3rd quarter valued at $54,000. 82.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NET. Mizuho upped their price target on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. BNP Paribas assumed coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price for the company. Morgan Stanley raised Cloudflare from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $92.00 to $130.00 in a research note on Monday. Piper Sandler increased their price objective on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company lifted their target price on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $94.40.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $104.89 on Wednesday. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $116.00. The firm has a market capitalization of $36.00 billion, a P/E ratio of -403.42 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The business has a fifty day simple moving average of $91.03 and a two-hundred day simple moving average of $82.94.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting 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 company had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. On average, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 35,118 shares of Cloudflare stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at $18,212,582.70. This trade represents a 16.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 536,568 shares of company stock worth $47,573,767. Insiders own 12.83% of the company’s stock.

About Cloudflare

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.