Baillie Gifford & Co. Has $2.63 Billion Stake in Cloudflare, Inc. (NYSE:NET)

Baillie Gifford & Co. reduced its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 0.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,510,592 shares of the company’s stock after selling 212,078 shares during the quarter. Cloudflare makes up approximately 2.0% of Baillie Gifford & Co.’s holdings, making the stock its 17th biggest position. Baillie Gifford & Co. owned approximately 9.51% of Cloudflare worth $2,629,782,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Cloudflare during the third quarter worth about $403,000. Apollon Wealth Management LLC increased its holdings in shares of Cloudflare by 9.4% during the third quarter. Apollon Wealth Management LLC now owns 3,119 shares of the company’s stock worth $252,000 after buying an additional 269 shares in the last quarter. Lountzis Asset Management LLC raised its position in Cloudflare by 4.0% in the third quarter. Lountzis Asset Management LLC now owns 29,663 shares of the company’s stock valued at $2,399,000 after purchasing an additional 1,140 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in Cloudflare by 70.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 280,826 shares of the company’s stock worth $22,716,000 after buying an additional 116,130 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its stake in shares of Cloudflare by 0.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 110,832 shares of the company’s stock worth $8,965,000 after purchasing an additional 786 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Cloudflare Price Performance

NET stock opened at $93.17 on Tuesday. The stock has a market cap of $31.84 billion, a price-to-earnings ratio of -358.35 and a beta of 1.10. Cloudflare, Inc. has a fifty-two week low of $62.39 and a fifty-two week high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The business has a 50 day moving average price of $84.99 and a 200 day moving average price of $80.68.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.53%. Equities research analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at $15,114,520.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, COO Michelle Zatlyn sold 64,100 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $15,681,643.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the transaction, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,043 shares of company stock valued at $39,737,342 over the last 90 days. Insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

NET has been the topic of a number of research analyst reports. Royal Bank of Canada increased their price target on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Robert W. Baird upped their price objective on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wells Fargo & Company increased their target price on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday. Wolfe Research assumed coverage on Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, BNP Paribas initiated coverage on shares of Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average target price of $92.88.

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.