GraniteShares Advisors LLC Cuts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

GraniteShares Advisors LLC trimmed its stake in shares of Cloudflare, Inc. (NYSE:NET) by 25.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 5,816 shares of the company’s stock after selling 2,005 shares during the period. GraniteShares Advisors LLC’s holdings in Cloudflare were worth $626,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Cloudflare by 1.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock valued at $138,516,000 after purchasing an additional 23,641 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after purchasing an additional 29,960 shares during the last quarter. Swiss National Bank lifted its position in Cloudflare by 1.1% during the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after purchasing an additional 10,100 shares during the last quarter. Finally, Peregrine Capital Management LLC lifted its position in Cloudflare by 0.4% during the fourth quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock valued at $71,250,000 after purchasing an additional 2,483 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Trading Down 3.2 %

Shares of NET opened at $143.22 on Wednesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a market capitalization of $49.15 billion, a price-to-earnings ratio of -651.01 and a beta of 1.12. The company has a 50-day moving average of $131.29 and a 200 day moving average of $104.42. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other news, insider Michelle Zatlyn sold 35,099 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $164.84, for a total value of $5,785,719.16. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 533,278 shares of company stock valued at $66,134,227. Company insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and set a $185.00 price objective on shares of Cloudflare in a research report on Tuesday, February 18th. Guggenheim increased their price objective on shares of Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research report on Friday, February 7th. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and increased their price objective for the company from $95.00 to $145.00 in a research report on Friday, January 17th. Mizuho raised their target price on shares of Cloudflare from $130.00 to $160.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, Oppenheimer lowered shares of Cloudflare from an “outperform” rating to a “market perform” rating in a report on Friday, February 7th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average target price of $136.28.

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.