abrdn plc Has $6.21 Million Holdings in Cloudflare, Inc. (NYSE:NET)

abrdn plc increased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 30.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 76,770 shares of the company’s stock after purchasing an additional 18,132 shares during the period. abrdn plc’s holdings in Cloudflare were worth $6,210,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Smith Group Asset Management LLC acquired a new position in shares of Cloudflare during the 3rd quarter worth about $262,000. Pallas Capital Advisors LLC acquired a new position in shares of Cloudflare during the 3rd quarter worth about $248,000. Clear Harbor Asset Management LLC lifted its position in shares of Cloudflare by 1.7% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 24,982 shares of the company’s stock worth $2,021,000 after purchasing an additional 415 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Cloudflare by 20.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 25,014 shares of the company’s stock worth $2,023,000 after purchasing an additional 4,298 shares during the last quarter. Finally, Forsta AP Fonden lifted its position in shares of Cloudflare by 11.4% during the 3rd quarter. Forsta AP Fonden now owns 64,400 shares of the company’s stock worth $5,209,000 after purchasing an additional 6,600 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s 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 transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at $25,573,904.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s 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 completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $25,573,904.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 504,552 shares of company stock worth $41,582,545 in the last three months. Insiders own 12.83% of the company’s stock.

Cloudflare Stock Down 0.2 %

Shares of NET opened at $87.55 on Friday. The firm has a market capitalization of $29.92 billion, a price-to-earnings ratio of -301.90 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The business’s fifty day moving average price is $83.82 and its two-hundred day moving average price is $80.60. Cloudflare, Inc. has a 52 week low of $55.40 and a 52 week high of $116.00.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NET. Mizuho boosted their price objective on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Cantor Fitzgerald increased their target price on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Scotiabank assumed coverage on Cloudflare in a report on Monday, July 8th. They issued a “sector perform” rating and a $85.00 target price for the company. BNP Paribas assumed coverage on Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Finally, Robert W. Baird raised their price target on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus target price of $91.72.

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.