Principal Financial Group Inc. Has $6.65 Million Stake in Cloudflare, Inc. (NYSE:NET)

Principal Financial Group Inc. lowered its holdings in Cloudflare, Inc. (NYSE:NET) by 51.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 82,257 shares of the company’s stock after selling 85,658 shares during the quarter. Principal Financial Group Inc.’s holdings in Cloudflare were worth $6,654,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted 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 valued at $80,000 after buying an additional 119 shares in the last quarter. Elo Mutual Pension Insurance Co boosted its stake in Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after purchasing an additional 136 shares during the last quarter. Quarry LP increased 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 purchasing an additional 146 shares in the last quarter. Forum Financial Management LP raised 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 during the last quarter. Finally, Soltis Investment Advisors LLC lifted its holdings in shares of Cloudflare by 0.5% in the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock valued at $3,041,000 after purchasing an additional 168 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the subject of a number of analyst reports. Susquehanna increased their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Mizuho raised their price target on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Royal Bank of Canada upped their price objective 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. BNP Paribas started coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Finally, Guggenheim increased their price target on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Four equities research 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 MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $92.88.

Insider Activity

In related news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $78.05, for a total transaction of $1,170,750.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at approximately $21,963,504.15. This represents a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $81.91, for a total value of $2,100,172.40. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $15,741,218.07. The trade was a 11.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 571,834 shares of company stock valued at $48,905,168 over the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Price Performance

Cloudflare stock opened at $96.42 on Wednesday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $116.00. The stock has a market cap of $33.09 billion, a price-to-earnings ratio of -370.85 and a beta of 1.10. The business has a 50-day simple moving average of $86.83 and a 200 day simple moving average of $80.96.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $423.65 million. On average, research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.