The Manufacturers Life Insurance Company Has $1.12 Million Holdings in Cloudflare, Inc. (NYSE:NET)

The Manufacturers Life Insurance Company cut its stake in Cloudflare, Inc. (NYSE:NET) by 6.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,574 shares of the company’s stock after selling 980 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cloudflare were worth $1,124,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Riverview Trust Co bought a new stake in Cloudflare during the 1st quarter worth about $27,000. Allspring Global Investments Holdings LLC lifted its position in Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Cloudflare during the 2nd quarter worth about $29,000. Versant Capital Management Inc lifted its position in 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 buying an additional 421 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in Cloudflare by 37,600.0% during the 2nd quarter. Blue Trust Inc. now owns 754 shares of the company’s stock worth $62,000 after buying an additional 752 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NET has been the topic of several analyst reports. Royal Bank of Canada boosted their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Cantor Fitzgerald upped their target price on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Scotiabank started coverage on shares of Cloudflare in a report on Monday, July 8th. They issued a “sector perform” rating and a $85.00 target price on the stock. Piper Sandler upped their target price on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Wolfe Research started coverage on shares of Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $91.20.

Cloudflare Stock Performance

Shares of NYSE:NET opened at $93.47 on Friday. The company’s 50 day simple moving average is $80.88 and its 200 day simple moving average is $81.06. The stock has a market capitalization of $31.94 billion, a price-to-earnings ratio of -322.31 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare, Inc. has a 1 year low of $53.88 and a 1 year high of $116.00.

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

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total transaction of $2,117,864.00. Following the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,873,820.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total transaction of $2,117,864.00. Following the transaction, the chief operating officer now owns 192,177 shares in the company, valued at approximately $15,873,820.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $76.70, for a total transaction of $4,017,852.80. Following the transaction, the chief executive officer now owns 211,394 shares in the company, valued at approximately $16,213,919.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 417,784 shares of company stock valued at $33,130,625. 12.83% of the stock is currently owned by insiders.

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.