Elo Mutual Pension Insurance Co Lowers Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Elo Mutual Pension Insurance Co cut its position in Cloudflare, Inc. (NYSE:NET) by 2.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,023 shares of the company’s stock after selling 721 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Cloudflare were worth $2,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in NET. American Century Companies Inc. grew its position in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Geode Capital Management LLC increased its stake in Cloudflare by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after purchasing an additional 121,810 shares during the period. Generate Investment Management Ltd bought a new stake in Cloudflare in the fourth quarter valued at approximately $12,946,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Cloudflare during the fourth quarter valued at approximately $11,834,000. Finally, Korea Investment CORP grew its holdings in shares of Cloudflare by 96.8% in the fourth quarter. Korea Investment CORP now owns 220,962 shares of the company’s stock worth $23,793,000 after purchasing an additional 108,663 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $117.34, for a total transaction of $3,008,597.60. Following the transaction, the insider now owns 413,413 shares in the company, valued at $48,509,881.42. This trade represents a 5.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 618,046 shares of company stock valued at $80,142,792. 12.83% of the stock is owned by company insiders.

Cloudflare Stock Down 3.1 %

Shares of NET stock opened at $114.89 on Friday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The stock has a market cap of $39.64 billion, a P/E ratio of -522.21 and a beta of 1.27. The stock has a 50 day moving average of $137.47 and a 200 day moving average of $111.31. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

NET has been the subject of several analyst reports. Morgan Stanley assumed coverage on shares of Cloudflare in a research report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Royal Bank of Canada decreased their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Scotiabank increased their price target on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 21st. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. Finally, Piper Sandler lowered their target price on shares of Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Cloudflare has an average rating of “Hold” and a consensus target price of $135.64.

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.