Mizuho Markets Americas LLC Buys 11,600 Shares of Cloudflare, Inc. (NYSE:NET)

Mizuho Markets Americas LLC boosted its stake in Cloudflare, Inc. (NYSE:NET) by 11.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 116,667 shares of the company’s stock after acquiring an additional 11,600 shares during the period. Mizuho Markets Americas LLC’s holdings in Cloudflare were worth $9,437,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after purchasing an additional 119 shares in the last quarter. Elo Mutual Pension Insurance Co increased its stake in shares of Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock worth $2,253,000 after purchasing an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in shares of Cloudflare by 3.5% in the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after purchasing an additional 137 shares in the last quarter. Quarry LP increased its stake 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 purchasing an additional 146 shares in the last quarter. Finally, Forum Financial Management LP increased its stake in shares of Cloudflare by 6.1% in the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after purchasing an additional 162 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 2.3 %

NYSE:NET opened at $89.79 on Friday. The company has a 50-day moving average price of $86.12 and a 200-day moving average price of $80.88. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $116.00. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market cap of $30.68 billion, a price-to-earnings ratio of -345.33 and a beta of 1.10.

Cloudflare (NYSE:NET) 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). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Equities analysts predict that Cloudflare, Inc. will post -0.12 EPS for the current year.

Wall Street Analyst Weigh In

NET has been the subject of several recent research reports. Piper Sandler lifted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Royal Bank of Canada boosted their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Mizuho boosted their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Cantor Fitzgerald boosted their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, UBS Group boosted their price target on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $92.88.

Insider Buying and Selling

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 in the company, valued at $15,114,520.58. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 35,117 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $16,092,901.98. This represents a 15.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 578,316 shares of company stock worth $49,124,681 in the last three months. 12.83% of the stock is owned by corporate 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.