ARK Investment Management LLC Decreases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

ARK Investment Management LLC trimmed its position in Cloudflare, Inc. (NYSE:NET) by 11.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 350,459 shares of the company’s stock after selling 44,746 shares during the period. ARK Investment Management LLC’s holdings in Cloudflare were worth $28,349,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the company. National Pension Service increased its stake in shares of Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after purchasing an additional 4,062 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Cloudflare during the 2nd quarter valued at $7,319,000. Price T Rowe Associates Inc. MD raised its stake in Cloudflare by 20.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock valued at $84,745,000 after purchasing an additional 149,866 shares during the period. Swiss National Bank lifted its holdings in shares of Cloudflare by 2.0% in the first quarter. Swiss National Bank now owns 886,900 shares of the company’s stock worth $85,879,000 after buying an additional 17,700 shares in the last quarter. Finally, Comerica Bank boosted its position in shares of Cloudflare by 19.9% during the first quarter. Comerica Bank now owns 28,556 shares of the company’s stock worth $2,765,000 after acquiring an additional 4,733 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on NET. Royal Bank of Canada increased their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Piper Sandler increased their price target on Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Susquehanna lifted their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Mizuho increased their target price on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, Wolfe Research started coverage on shares of Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $91.72.

Insider Transactions at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,681,643.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Michelle Zatlyn sold 64,100 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the transaction, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $15,681,643.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $78.06, for a total value of $4,089,095.04. Following the completion of the transaction, the chief executive officer now directly owns 10,761 shares in the company, valued at $840,003.66. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 477,043 shares of company stock valued at $39,737,342 in the last quarter. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $95.70 on Friday. Cloudflare, Inc. has a one year low of $61.34 and a one year high of $116.00. The company has a market capitalization of $32.70 billion, a PE ratio of -330.00 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The company has a 50-day simple moving average of $84.59 and a two-hundred day simple moving average of $80.69.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. Research analysts expect that Cloudflare, Inc. will post -0.13 EPS for the current fiscal 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.