Mirae Asset Global Investments Co. Ltd. Purchases 11,764 Shares of Cloudflare, Inc. (NYSE:NET)

Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 88.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 25,100 shares of the company’s stock after buying an additional 11,764 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cloudflare were worth $2,048,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CVA Family Office LLC grew its holdings in 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 acquiring an additional 171 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare during the 2nd quarter worth $29,000. Quarry LP lifted its holdings in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares during the period. Finally, Versant Capital Management Inc grew its position in shares of 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.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, 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 Securities & Exchange Commission, which is available through the SEC website. In other news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total transaction 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, October 18th. The stock was sold at an average price of $90.88, for a total value of $1,363,200.00. Following the sale, the chief financial officer now owns 281,403 shares in the company, valued at $25,573,904.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 519,552 shares of company stock valued at $42,763,195. Corporate insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

NET has been the topic of a number of recent analyst reports. Guggenheim lifted 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. Mizuho increased their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Royal Bank of Canada boosted their target price on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Susquehanna lifted their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Finally, Scotiabank initiated coverage on Cloudflare in a research note on Monday, July 8th. They issued a “sector perform” rating and a $85.00 price objective on the stock. Four 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 data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $91.72.

Cloudflare Trading Up 0.4 %

Shares of Cloudflare stock opened at $89.84 on Thursday. The company has a market capitalization of $30.70 billion, a P/E ratio of -169.51 and a beta of 1.10. The stock has a fifty day simple moving average of $83.43 and a 200 day simple moving average of $80.51. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. During the same quarter in the prior year, the company posted ($0.12) earnings per share. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

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.