Rakuten Securities Inc. Decreases Holdings in Cloudflare, Inc. (NYSE:NET)

Rakuten Securities Inc. lowered its holdings in Cloudflare, Inc. (NYSE:NET) by 59.3% during the third quarter, HoldingsChannel reports. The fund owned 1,145 shares of the company’s stock after selling 1,667 shares during the period. Rakuten Securities Inc.’s holdings in Cloudflare were worth $93,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its stake in Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after purchasing an additional 119 shares during the last quarter. Elo Mutual Pension Insurance Co raised its stake in Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock worth $2,253,000 after acquiring an additional 136 shares in the last quarter. Quarry LP lifted its position in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares during the last quarter. Forum Financial Management LP boosted its stake in Cloudflare by 6.1% in the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock valued at $234,000 after acquiring an additional 162 shares in the last quarter. Finally, Soltis Investment Advisors LLC grew its holdings in shares of Cloudflare by 0.5% during the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after purchasing an additional 168 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NET shares. UBS Group upped their target price on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Mizuho increased their price objective on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Piper Sandler lifted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Cantor Fitzgerald increased their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Scotiabank lifted their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and an average price target of $92.88.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the sale, the chief accounting officer now directly owns 80,183 shares in the company, valued at $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $81.60, for a total value of $5,230,560.00. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,681,643.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at approximately $6,546,941.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 477,043 shares of company stock worth $39,737,342 in the last quarter. 12.83% of the stock is owned by insiders.

Cloudflare Stock Performance

Shares of NYSE NET opened at $90.93 on Wednesday. Cloudflare, Inc. has a 52 week low of $62.39 and a 52 week high of $116.00. 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 firm has a 50-day moving average price of $85.25 and a 200 day moving average price of $80.70.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Research analysts predict that Cloudflare, Inc. will post -0.13 EPS for the current year.

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.