Cloudflare, Inc. (NYSE:NET) Stake Reduced by TrueMark Investments LLC

TrueMark Investments LLC trimmed its stake in Cloudflare, Inc. (NYSE:NET) by 7.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 23,637 shares of the company’s stock after selling 1,948 shares during the quarter. TrueMark Investments LLC’s holdings in Cloudflare were worth $2,545,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of NET. American Century Companies Inc. lifted its position in Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 buying an additional 121,810 shares during the last quarter. Generate Investment Management Ltd acquired a new position in shares of Cloudflare during the fourth quarter worth approximately $12,946,000. KLP Kapitalforvaltning AS bought a new position in Cloudflare in the 4th quarter worth approximately $11,834,000. Finally, Worldquant Millennium Advisors LLC acquired a new stake in Cloudflare in the 3rd quarter valued at approximately $8,535,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $113.81, for a total value of $1,707,150.00. Following the completion of the sale, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. This represents a 5.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,226,652.76. This represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 566,766 shares of company stock worth $73,779,200. 12.83% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NET. Guggenheim increased their price target on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. raised 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, February 7th. Oppenheimer assumed coverage on shares of Cloudflare in a research report on Thursday, March 20th. They set an “outperform” rating and a $150.00 price target on the stock. JMP Securities raised their price objective on shares of Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research note on Friday, February 7th. Finally, Susquehanna upped their target price on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $135.64.

Cloudflare Price Performance

Shares of NYSE:NET opened at $127.16 on Wednesday. The company has a market cap of $43.88 billion, a P/E ratio of -578.00 and a beta of 1.27. The company’s fifty day moving average is $137.01 and its two-hundred day moving average is $110.56. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37.

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

Cloudflare Company 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.