This afternoon we watched Cloudflare drop -3.9% to a price of $54.47 per share. The large-cap Data Processing Services company is now trading -22.33% below its average target price of $70.13. Analysts have set target prices ranging from $43.0 to $90.0 per share for Cloudflare, and have given the stock an average rating of hold.
The stock has an average amount of shares sold short at 7.3%, and a short ratio of 5.01. The company's insiders own 0.97% of its outstanding shares, which indicates a strong alignment between management and shareholder interests. Finally, we also note that a significant number of institutional investors are invested in the stock, with 89.2% of Cloudflare's shares being owned by this investor type.
Institutions Invested in Cloudflare
| Date Reported | Holder | Percentage | Shares | Value |
|---|---|---|---|---|
| 2023-06-30 | Morgan Stanley | 11% | 32,119,491 | $1,749,548,713 |
| 2023-06-30 | Baillie Gifford and Company | 11% | 31,505,621 | $1,716,111,214 |
| 2023-06-30 | Vanguard Group Inc | 9% | 27,022,912 | $1,471,938,049 |
| 2023-06-30 | Capital World Investors | 9% | 26,433,363 | $1,439,825,314 |
| 2023-06-30 | Blackrock Inc. | 5% | 15,844,248 | $863,036,207 |
| 2023-06-30 | FMR, LLC | 5% | 13,216,358 | $719,895,036 |
| 2023-06-30 | Sands Capital Management, LLC | 4% | 11,404,544 | $621,205,525 |
| 2023-06-30 | Voya Investment Management LLC | 2% | 6,457,694 | $351,750,600 |
| 2023-06-30 | State Street Corporation | 2% | 5,654,459 | $307,998,388 |
| 2023-06-30 | First Trust Advisors LP | 2% | 5,272,538 | $287,195,151 |
Besides an analyst consensus of strong upside potential, other market factors point to there being mixed market sentiment on Cloudflare.
