QRG Capital Management Inc. Sells 576 Shares of Cloudflare, Inc. (NYSE:NET)

QRG Capital Management Inc. decreased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 1.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 48,381 shares of the company’s stock after selling 576 shares during the period. QRG Capital Management Inc.’s holdings in Cloudflare were worth $5,210,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. increased its position in shares of 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 acquiring an additional 77 shares during the period. Atomi Financial Group Inc. increased its holdings in Cloudflare by 3.3% during the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after purchasing an additional 94 shares during the period. Chicago Partners Investment Group LLC raised its position in Cloudflare by 4.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock valued at $293,000 after purchasing an additional 105 shares in the last quarter. D.A. Davidson & CO. raised its position in Cloudflare by 0.5% during the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock valued at $2,269,000 after purchasing an additional 106 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Cloudflare by 0.5% in the 4th quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock worth $2,154,000 after buying an additional 107 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $113.00, for a total transaction of $5,919,392.00. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,216,106. The trade was a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 638,046 shares of company stock valued at $81,243,344. Company insiders own 12.83% of the company’s stock.

Cloudflare Trading Up 3.4 %

Shares of Cloudflare stock opened at $145.48 on Friday. The firm’s 50 day simple moving average is $132.65 and its two-hundred day simple moving average is $104.96. The firm has a market capitalization of $49.93 billion, a price-to-earnings ratio of -661.26 and a beta of 1.12. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. 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 (NYSE:NET) last released its earnings results 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%. Analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Piper Sandler raised their price target on Cloudflare from $92.00 to $153.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Stifel Nicolaus raised their target price on shares of Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Mizuho upped their price target on shares of Cloudflare from $130.00 to $160.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Cantor Fitzgerald increased their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $136.28.

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.