Principal Financial Group Inc. Sells 85,658 Shares of Cloudflare, Inc. (NYSE:NET)

Principal Financial Group Inc. lowered its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 51.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,257 shares of the company's stock after selling 85,658 shares during the quarter. Principal Financial Group Inc.'s holdings in Cloudflare were worth $6,654,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NET. CVA Family Office LLC raised its stake in shares of Cloudflare by 121.3% during 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 in the last quarter. Allspring Global Investments Holdings LLC grew its position 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 acquiring an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Cloudflare during the second quarter worth $29,000. Quarry LP boosted its stake in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company's stock valued at $29,000 after purchasing an additional 146 shares during the period. Finally, Versant Capital Management Inc boosted its position in Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company's stock valued at $38,000 after buying an additional 421 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total transaction of $5,007,386.56. Following the completion of the sale, the chief executive officer now owns 192,177 shares of the company's stock, valued at $18,370,199.43. The trade was a 21.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Michelle Zatlyn sold 25,640 shares of the firm's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $81.91, for a total value of $2,100,172.40. Following the completion of the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $15,741,218.07. This represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 571,834 shares of company stock worth $48,905,168 over the last ninety days. Insiders own 12.83% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on NET. Cantor Fitzgerald boosted their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Friday, August 2nd. Guggenheim increased their price objective on Cloudflare from $50.00 to $57.00 and gave the stock a "sell" rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their target price on Cloudflare from $105.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $135.00 price objective on shares of Cloudflare in a research report on Friday, August 2nd. Finally, 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 report on Friday, November 8th. Four 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. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $92.88.

Cloudflare Trading Up 0.1 %

NYSE NET traded up $0.10 on Wednesday, hitting $96.47. The company's stock had a trading volume of 2,366,087 shares, compared to its average volume of 3,176,584. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $116.00. The firm has a market cap of $33.11 billion, a PE ratio of -370.85 and a beta of 1.10. The company's 50-day moving average is $86.83 and its 200 day moving average is $80.96.

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

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.