Mirae Asset Global Investments Co. Ltd. Reduces Stake in Cloudflare, Inc. (NYSE:NET)

Mirae Asset Global Investments Co. Ltd. reduced its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 7.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,179 shares of the company's stock after selling 1,921 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Cloudflare were worth $2,564,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. CVA Family Office LLC grew its stake 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 buying an additional 171 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Cloudflare in the third quarter valued at approximately $38,000. Quarry LP increased its stake in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company's stock worth $39,000 after purchasing an additional 133 shares during the period. Versant Capital Management Inc lifted its holdings in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company's stock worth $59,000 after purchasing an additional 170 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after purchasing an additional 217 shares during the period. 82.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Guggenheim lifted their target price on Cloudflare from $57.00 to $68.00 and gave the stock a "sell" rating in a report on Friday, February 7th. Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and raised their target price for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Baird R W cut Cloudflare from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Truist Financial lifted their price objective on Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. increased their target price on Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $135.28.

Cloudflare Trading Up 2.0 %

NET traded up $3.45 during trading on Thursday, reaching $176.28. 2,794,080 shares of the company's stock were exchanged, compared to its average volume of 3,872,917. The firm has a fifty day moving average price of $122.83 and a two-hundred day moving average price of $98.96. The stock has a market capitalization of $60.50 billion, a PE ratio of -801.28 and a beta of 1.12. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $176.73. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 28,635 shares of the business's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total value of $2,721,184.05. Following the transaction, the chief financial officer now directly owns 252,869 shares of the company's stock, valued at $24,030,141.07. The trade was a 10.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.06, for a total value of $4,665,319.04. Following the completion of the sale, the chief executive officer now owns 192,177 shares of the company's stock, valued at approximately $17,115,283.62. The trade was a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 581,354 shares of company stock worth $64,625,120 over the last ninety days. 12.83% of the stock is owned by insiders.

Cloudflare Company 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.