AIA Group Ltd Boosts Stake in Cloudflare, Inc. (NYSE:NET)

AIA Group Ltd grew its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 30.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,954 shares of the company's stock after purchasing an additional 10,075 shares during the quarter. AIA Group Ltd's holdings in Cloudflare were worth $4,625,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in NET. Stratos Wealth Partners LTD. grew its holdings in Cloudflare by 1.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock valued at $709,000 after purchasing an additional 77 shares during the period. Atomi Financial Group Inc. grew its stake in Cloudflare by 3.3% in the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock valued at $319,000 after acquiring an additional 94 shares during the period. Baxter Bros Inc. grew its stake in Cloudflare by 3.8% in the 4th quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after acquiring an additional 100 shares during the period. Chicago Partners Investment Group LLC increased its holdings in Cloudflare by 4.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company's stock worth $293,000 after acquiring an additional 105 shares in the last quarter. Finally, D.A. Davidson & CO. raised its position in Cloudflare by 0.5% during the fourth quarter. D.A. Davidson & CO. now owns 21,075 shares of the company's stock worth $2,269,000 after acquiring an additional 106 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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Cloudflare Stock Up 3.6 %

Shares of Cloudflare stock traded up $4.19 during trading hours on Wednesday, reaching $119.85. 4,203,970 shares of the company were exchanged, compared to its average volume of 3,095,740. The firm has a market cap of $41.36 billion, a PE ratio of -544.77 and a beta of 1.27. The stock's fifty day moving average is $137.24 and its 200 day moving average is $112.34. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on NET. Royal Bank of Canada reduced their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Mizuho reduced their target price on Cloudflare from $160.00 to $140.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Truist Financial lifted their price target on Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Baird R W downgraded Cloudflare from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Finally, Oppenheimer started coverage on shares of Cloudflare in a research note on Thursday, March 20th. They set an "outperform" rating and a $150.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Cloudflare presently has a consensus rating of "Hold" and a consensus target price of $135.64.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the company's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares of the company's stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michelle Zatlyn sold 25,640 shares of the firm's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $117.34, for a total value of $3,008,597.60. Following the sale, the insider now directly owns 413,413 shares in the company, valued at $48,509,881.42. This trade represents a 5.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 627,046 shares of company stock valued at $81,158,262. 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.