Vanguard Group Inc. Reduces Holdings in Cloudflare, Inc. (NYSE:NET)

Vanguard Group Inc. trimmed its holdings in Cloudflare, Inc. (NYSE:NET) by 0.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,298,059 shares of the company’s stock after selling 68,873 shares during the period. Vanguard Group Inc. owned about 8.83% of Cloudflare worth $3,262,495,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Stratos Wealth Partners LTD. lifted its stake in Cloudflare by 1.2% during the fourth 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. boosted its stake in Cloudflare by 3.3% during the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after purchasing an additional 94 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of Cloudflare by 4.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock valued at $293,000 after buying an additional 105 shares during the last quarter. D.A. Davidson & CO. increased its position in Cloudflare by 0.5% in the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock valued at $2,269,000 after acquiring an additional 106 shares during the period. Finally, Amalgamated Bank raised its stake in shares of Cloudflare by 0.5% during the fourth quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock valued at $2,154,000 after purchasing an additional 107 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group dropped their target price on Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Piper Sandler dropped their price target on Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Susquehanna increased their price target on Cloudflare from $95.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Finally, JMP Securities boosted their price objective on Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a report on Friday, February 7th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $135.64.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 33,864 shares of the business’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $119.40, for a total value of $4,043,361.60. Following the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $30,192,558.60. The trade was a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.98, for a total value of $5,970,728.32. Following the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $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 ninety days, insiders have sold 566,766 shares of company stock worth $73,779,200. Company insiders own 12.83% of the company’s stock.

Cloudflare Stock Up 2.6 %

Cloudflare stock opened at $127.16 on Wednesday. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. 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 cap of $43.88 billion, a price-to-earnings ratio of -578.00 and a beta of 1.27. The firm has a fifty day moving average price of $137.01 and a two-hundred day moving average price of $110.56.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. As a group, analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share 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.