abrdn plc Has $6.21 Million Position in Cloudflare, Inc. (NYSE:NET)

abrdn plc raised its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 30.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 76,770 shares of the company's stock after buying an additional 18,132 shares during the quarter. abrdn plc's holdings in Cloudflare were worth $6,210,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. CVA Family Office LLC raised its position in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company's stock worth $25,000 after purchasing an additional 171 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 595.0% during the first 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. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Cloudflare in the second quarter worth about $29,000. Quarry LP increased its position in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company's stock worth $29,000 after acquiring an additional 146 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company's stock valued at $38,000 after acquiring an additional 421 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NET. Mizuho raised their price objective 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. Robert W. Baird raised their target price on Cloudflare from $94.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Cantor Fitzgerald upped their price target on Cloudflare from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Friday, August 2nd. Susquehanna increased their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, August 5th. Finally, BNP Paribas started coverage on Cloudflare in a research note on Tuesday, October 8th. They set an "underperform" rating and a $65.00 target price on the stock. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $91.72.

Cloudflare Stock Performance

Shares of NYSE:NET traded down $0.16 during trading on Friday, reaching $87.55. The stock had a trading volume of 1,964,077 shares, compared to its average volume of 2,290,832. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock has a fifty day simple moving average of $83.82 and a two-hundred day simple moving average of $80.53. The firm has a market capitalization of $29.92 billion, a price-to-earnings ratio of -301.90 and a beta of 1.10. Cloudflare, Inc. has a 52 week low of $55.40 and a 52 week high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.06. The firm had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business's revenue was up 30.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) EPS. As a group, analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 of the company's stock, valued at $15,114,520.58. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company's stock, valued at $15,114,520.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Janel Riley sold 3,495 shares of the business'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 transaction, the chief accounting officer now owns 80,183 shares in the company, valued at approximately $6,546,941.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 504,552 shares of company stock valued at $41,582,545. 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.