Cloudflare, Inc. (NYSE:NET) Shares Sold by Baillie Gifford & Co.

Baillie Gifford & Co. lessened its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,510,592 shares of the company's stock after selling 212,078 shares during the quarter. Cloudflare makes up approximately 2.0% of Baillie Gifford & Co.'s portfolio, making the stock its 17th biggest position. Baillie Gifford & Co. owned 9.51% of Cloudflare worth $2,629,782,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company's stock valued at $27,000 after buying an additional 238 shares in the last quarter. CVA Family Office LLC raised 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. Quarry LP boosted its holdings in shares of Cloudflare by 73.4% during the 2nd 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. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare during the second quarter valued at approximately $29,000. Finally, Versant Capital Management Inc boosted its holdings in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company's stock worth $38,000 after purchasing an additional 421 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NET shares. Wells Fargo & Company boosted their target price on shares of Cloudflare from $105.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday. Scotiabank raised their target price on shares of Cloudflare from $85.00 to $87.00 and gave the stock a "sector perform" rating in a research note on Friday. Wolfe Research began coverage on Cloudflare in a report on Tuesday, July 16th. They set a "peer perform" rating on the stock. Cantor Fitzgerald increased their target price on Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Friday, August 2nd. Finally, Needham & Company LLC reissued a "buy" rating and set a $135.00 price target on shares of Cloudflare in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $92.88.

Cloudflare Stock Performance

NET traded down $2.82 on Tuesday, reaching $90.41. The company had a trading volume of 1,313,457 shares, compared to its average volume of 3,162,819. The stock has a 50-day moving average price of $84.99 and a 200-day moving average price of $80.68. The stock has a market capitalization of $30.89 billion, a PE ratio of -358.35 and a beta of 1.10. Cloudflare, Inc. has a 1 year low of $62.39 and a 1 year high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.53% and a negative net margin of 5.97%. The firm had revenue of $430.08 million for the quarter, compared to analysts' expectations of $423.65 million. As a group, research analysts forecast that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at approximately $15,114,520.58. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares of the company's stock, valued at $6,546,941.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the sale, the insider now owns 185,386 shares in the company, valued at approximately $15,114,520.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 477,043 shares of company stock valued at $39,737,342 in the last ninety days. Corporate insiders own 12.83% of the company's stock.

Cloudflare 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.