Holocene Advisors LP Lowers Stake in Cloudflare, Inc. (NYSE:NET)

Holocene Advisors LP lessened its position in Cloudflare, Inc. (NYSE:NET) by 18.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 627,689 shares of the company’s stock after selling 140,128 shares during the period. Holocene Advisors LP’s holdings in Cloudflare were worth $50,774,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. CVA Family Office LLC raised its holdings in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Cloudflare in the second quarter valued at $29,000. Quarry LP increased its stake in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Versant Capital Management Inc lifted its position in Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after buying an additional 421 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in Cloudflare in the 3rd quarter worth about $38,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Scotiabank increased their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Wells Fargo & Company increased their price target on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. BNP Paribas started coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Morgan Stanley raised Cloudflare from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $92.00 to $130.00 in a research report on Monday. Finally, UBS Group boosted their price target on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and a consensus price target of $94.40.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total value of $4,089,095.04. Following the completion of the transaction, the chief executive officer now owns 10,761 shares in the company, valued at approximately $840,003.66. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $78.05, for a total value of $1,170,750.00. Following the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 603,952 shares of company stock valued at $52,833,612 in the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NYSE:NET opened at $105.06 on Tuesday. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $116.00. The business’s 50-day simple moving average is $90.64 and its 200 day simple moving average is $82.73. 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 released its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.