CIBC Asset Management Inc Grows Stock Position in Cloudflare, Inc. (NYSE:NET)

CIBC Asset Management Inc grew its stake in Cloudflare, Inc. (NYSE:NET) by 5.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,629 shares of the company’s stock after buying an additional 545 shares during the period. CIBC Asset Management Inc’s holdings in Cloudflare were worth $860,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CVA Family Office LLC lifted its holdings 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 grew its holdings in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cloudflare during the second quarter valued at approximately $29,000. Quarry LP boosted its position in Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after purchasing an additional 421 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of NET opened at $96.47 on Thursday. The firm has a 50-day moving average of $87.19 and a 200-day moving average of $81.07. The company has a market cap of $33.11 billion, a PE ratio of -371.04 and a beta of 1.10. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $116.00. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. As a group, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share 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 dated 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 transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 28,635 shares of Cloudflare stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total transaction 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 approximately $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 546,194 shares of company stock worth $46,804,995. 12.83% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on NET. Robert W. Baird increased their price target on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Royal Bank of Canada lifted their price target on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. UBS Group raised their price objective on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Piper Sandler boosted their price objective on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, BNP Paribas started 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. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $92.88.

About Cloudflare

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.