Sumitomo Mitsui Trust Group Inc. Sells 123,645 Shares of Cloudflare, Inc. (NYSE:NET)

Sumitomo Mitsui Trust Group Inc. lessened its position in Cloudflare, Inc. (NYSE:NET) by 7.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,475,823 shares of the company’s stock after selling 123,645 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Cloudflare were worth $158,917,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Stratos Wealth Partners LTD. lifted its position in shares of Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after purchasing an additional 77 shares during the last quarter. Atomi Financial Group Inc. lifted its holdings in shares of Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after buying an additional 94 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Cloudflare by 4.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock valued at $293,000 after acquiring an additional 105 shares during the period. Wealth Management Partners LLC grew its stake in shares of Cloudflare by 3.3% in the fourth quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock worth $382,000 after acquiring an additional 114 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after acquiring an additional 119 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Buying and Selling at Cloudflare

In related news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $136.63, for a total transaction of $2,049,450.00. Following the completion of the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $34,549,491.47. This trade represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 633,738 shares of company stock worth $69,632,506 over the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday. Jefferies Financial Group raised their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Piper Sandler boosted their price objective on Cloudflare from $92.00 to $153.00 and gave the company a “neutral” rating in a research report on Friday. Morgan Stanley raised their target price on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Finally, The Goldman Sachs Group boosted their price target on shares of Cloudflare from $140.00 to $183.00 and gave the company a “buy” rating in a report on Friday. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $128.48.

Cloudflare Trading Up 17.9 %

NET opened at $166.88 on Friday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $171.38. The firm has a market cap of $57.27 billion, a PE ratio of -641.83 and a beta of 1.12. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm’s fifty day moving average is $117.55 and its two-hundred day moving average is $96.24.

Cloudflare (NYSE:NET) last issued its quarterly earnings data 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 5.97% and a negative return on equity of 7.18%. Equities research analysts anticipate that Cloudflare, Inc. will post -0.1 EPS for the current year.

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, script management, security center, and rate limiting products.