Westpac Banking Corp Lowers Stake in Cloudflare, Inc. (NYSE:NET)

Westpac Banking Corp reduced its position in shares of Cloudflare, Inc. (NYSE:NET) by 98.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 425 shares of the company’s stock after selling 20,620 shares during the quarter. Westpac Banking Corp’s holdings in Cloudflare were worth $28,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Baillie Gifford & Co. lifted its stake in Cloudflare by 22.5% in the 2nd quarter. Baillie Gifford & Co. now owns 31,505,621 shares of the company’s stock valued at $2,059,522,000 after buying an additional 5,787,888 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Cloudflare by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock worth $2,795,953,000 after buying an additional 548,149 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Cloudflare by 85,228.5% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 22,703,348 shares of the company’s stock worth $1,484,118,000 after buying an additional 22,676,741 shares during the last quarter. Moneta Group Investment Advisors LLC increased its holdings in shares of Cloudflare by 131,133.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company’s stock worth $274,583,000 after buying an additional 6,068,873 shares during the last quarter. Finally, State Street Corp increased its holdings in Cloudflare by 5.3% in the 1st quarter. State Street Corp now owns 5,552,609 shares of the company’s stock valued at $664,647,000 after purchasing an additional 278,422 shares during the last quarter. 73.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on NET shares. Wells Fargo & Company lifted their target price on shares of Cloudflare from $55.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Guggenheim cut shares of Cloudflare from a “neutral” rating to a “sell” rating and set a $50.00 price target for the company. in a research report on Monday, August 7th. Piper Sandler decreased their price target on shares of Cloudflare from $64.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, November 3rd. TD Cowen raised their price target on shares of Cloudflare from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. Finally, Royal Bank of Canada decreased their price target on shares of Cloudflare from $70.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday, November 3rd. Four research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.24.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, General Counsel Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Friday, September 1st. The shares were sold at an average price of $65.86, for a total value of $197,580.00. Following the transaction, the general counsel now directly owns 159,470 shares in the company, valued at $10,502,694.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, General Counsel Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $65.86, for a total transaction of $197,580.00. Following the transaction, the general counsel now directly owns 159,470 shares in the company, valued at $10,502,694.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 16,901 shares of the business’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $72.13, for a total transaction of $1,219,069.13. Following the transaction, the chief financial officer now owns 243,495 shares in the company, valued at $17,563,294.35. The disclosure for this sale can be found here. Over the last three months, insiders have sold 585,083 shares of company stock worth $36,909,929. 14.80% of the stock is owned by company insiders.

Cloudflare Trading Up 0.2 %

NYSE NET opened at $72.80 on Tuesday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 3.89 and a current ratio of 3.89. The firm has a market cap of $24.44 billion, a PE ratio of -119.34 and a beta of 0.97. Cloudflare, Inc. has a one year low of $37.56 and a one year high of $76.07. The firm’s fifty day moving average is $61.89 and its two-hundred day moving average is $62.55.

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, secure origin connection, and rate limiting products.