a16z Perennial Management L.P. Cuts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

a16z Perennial Management L.P. lessened its holdings in Cloudflare, Inc. (NYSE:NET) by 85.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,040 shares of the company’s stock after selling 6,000 shares during the quarter. Cloudflare accounts for about 0.0% of a16z Perennial Management L.P.’s holdings, making the stock its 25th biggest position. a16z Perennial Management L.P.’s holdings in Cloudflare were worth $112,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. CVA Family Office LLC lifted its holdings in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares during the period. Capital Performance Advisors LLP purchased a new position in Cloudflare in the third quarter worth $38,000. Quarry LP lifted its holdings in Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares during the period. Versant Capital Management Inc boosted its position in shares of Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after purchasing an additional 217 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Price Performance

NET opened at $166.88 on Monday. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $171.38. 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 company’s 50 day simple moving average is $118.89 and its 200 day simple moving average is $97.11. The stock has a market capitalization of $57.27 billion, a PE ratio of -758.52 and a beta of 1.12.

Cloudflare (NYSE:NET) last announced 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 4.72% and a negative return on equity of 5.52%. As a group, sell-side analysts expect that Cloudflare, Inc. will post -0.04 EPS for the current year.

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 on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 28,635 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total value of $2,721,184.05. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 633,738 shares of company stock valued at $69,632,506. Company insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the topic of a number of research analyst reports. Royal Bank of Canada boosted their price objective on shares of Cloudflare from $123.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday. Truist Financial raised their price objective on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Guggenheim boosted their target price on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research report on Friday. Oppenheimer cut Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Stifel Nicolaus boosted their price objective on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $128.48.

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.