Cloudflare, Inc. (NYSE:NET) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 12.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 and hedge funds have also recently bought and sold shares of the company. CVA Family Office LLC boosted its holdings in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company's stock valued at $25,000 after purchasing an additional 171 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Cloudflare in the 2nd quarter valued at approximately $29,000. Quarry LP raised its stake in shares of Cloudflare by 73.4% in 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 period. Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare in the 3rd quarter valued at approximately $38,000. Finally, Quest Partners LLC purchased a new stake in shares of Cloudflare in the 3rd quarter valued at approximately $54,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. BNP Paribas assumed coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 price target on the stock. Scotiabank boosted their price target 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. Piper Sandler upped their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Mizuho upped their target price on shares of Cloudflare from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company upped 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 stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $94.40.

Cloudflare Price Performance

NYSE:NET traded up $5.81 during mid-day trading on Wednesday, hitting $110.72. 4,424,192 shares of the company's stock traded hands, compared to its average volume of 3,174,419. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm's 50 day simple moving average is $91.03 and its 200 day simple moving average is $82.94. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00. The company has a market cap of $38.00 billion, a PE ratio of -403.42 and a beta of 1.10.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the sale, the insider now directly owns 185,386 shares in the company, 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $76.55, for a total value of $4,009,995.20. Following the transaction, the chief executive officer now owns 10,761 shares in the company, valued at approximately $823,754.55. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 536,568 shares of company stock worth $47,573,767 in the last three months. Company 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.