Resona Asset Management Co. Ltd. Takes $10.30 Million Position in Cloudflare, Inc. (NYSE:NET)

Resona Asset Management Co. Ltd. acquired a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 95,198 shares of the company's stock, valued at approximately $10,296,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Groupama Asset Managment bought a new position in Cloudflare in the 4th quarter valued at $269,200,000. Norges Bank bought a new stake in Cloudflare during the fourth quarter valued at $249,544,000. American Century Companies Inc. grew its position in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after buying an additional 1,017,399 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in Cloudflare by 454.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company's stock worth $94,660,000 after acquiring an additional 720,568 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Cloudflare by 339.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 232,136 shares of the company's stock valued at $24,996,000 after acquiring an additional 179,303 shares in the last quarter. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Down 1.6 %

NYSE NET traded down $1.64 during trading hours on Friday, reaching $103.86. 1,108,135 shares of the company's stock traded hands, compared to its average volume of 3,173,039. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a 50-day simple moving average of $132.54 and a 200 day simple moving average of $113.34. The firm has a market cap of $35.84 billion, a PE ratio of -472.75 and a beta of 1.59.

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Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NET shares. Piper Sandler lowered their target price on shares of Cloudflare from $131.00 to $112.00 and set a "neutral" rating on the stock in a research note on Tuesday. Oppenheimer began coverage on shares of Cloudflare in a research report on Thursday, March 20th. They set an "outperform" rating and a $150.00 price objective on the stock. Bank of America upgraded shares of Cloudflare from an "underperform" rating to a "buy" rating and upped their target price for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Truist Financial raised their price target on Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company increased their price objective on Cloudflare from $135.00 to $150.00 and gave the company an "overweight" rating in a research report on Monday, January 27th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $134.88.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 2,311 shares of the stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $107.75, for a total transaction of $249,010.25. Following the transaction, the chief executive officer now owns 413,413 shares in the company, valued at approximately $44,545,250.75. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 561,973 shares of company stock valued at $73,056,260 over the last 90 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.