IQ EQ FUND MANAGEMENT IRELAND Ltd Trims Holdings in Cloudflare, Inc. (NYSE:NET)

IQ EQ FUND MANAGEMENT IRELAND Ltd reduced its stake in shares of Cloudflare, Inc. (NYSE:NET) by 30.4% in the fourth quarter, Holdings Channel reports. The firm owned 54,769 shares of the company’s stock after selling 23,976 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Cloudflare were worth $5,898,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in NET. Quest Partners LLC purchased a new stake in Cloudflare in the 3rd quarter valued at about $54,000. Pathstone Holdings LLC grew its stake in Cloudflare by 5.2% in the third quarter. Pathstone Holdings LLC now owns 24,101 shares of the company’s stock worth $1,950,000 after purchasing an additional 1,200 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after purchasing an additional 29,960 shares during the period. Cerity Partners LLC raised its position in Cloudflare by 306.4% during the 3rd quarter. Cerity Partners LLC now owns 18,416 shares of the company’s stock valued at $1,490,000 after purchasing an additional 13,885 shares in the last quarter. Finally, Swedbank AB raised its position in Cloudflare by 128.6% during the 3rd quarter. Swedbank AB now owns 18,941 shares of the company’s stock valued at $1,532,000 after purchasing an additional 10,656 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Guggenheim raised their price target on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday, February 7th. Piper Sandler cut their target price on shares of Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. UBS Group lowered their price target on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Bank of America raised shares of Cloudflare from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $60.00 to $160.00 in a report on Tuesday. Finally, Susquehanna upped their target price on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $135.64.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $28,779,020.89. This represents a 5.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction 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 sale, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. The trade was a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 566,766 shares of company stock worth $73,779,200 over the last quarter. Insiders own 12.83% of the company’s stock.

Cloudflare Trading Down 5.0 %

NYSE:NET opened at $121.14 on Thursday. The company has a market capitalization of $41.80 billion, a P/E ratio of -550.62 and a beta of 1.27. 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, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The firm has a fifty day simple moving average of $137.31 and a 200-day simple moving average of $110.92.

Cloudflare (NYSE:NET) last issued its quarterly 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 return on equity of 5.52% and a negative net margin of 4.72%. On average, equities research analysts anticipate 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.