Cloudflare, Inc. (NYSE:NET) Position Reduced by Swiss National Bank

Swiss National Bank cut its position in shares of Cloudflare, Inc. (NYSE:NET) by 3.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 859,700 shares of the company’s stock after selling 33,900 shares during the quarter. Swiss National Bank’s holdings in Cloudflare were worth $92,572,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of NET. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in Cloudflare during the third quarter valued at about $25,588,000. Parnassus Investments LLC lifted its stake in Cloudflare by 1,851.9% during the third quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after buying an additional 131,319 shares in the last quarter. Geode Capital Management LLC lifted its stake in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares in the last quarter. Generate Investment Management Ltd purchased a new stake in Cloudflare during the fourth quarter valued at about $12,946,000. Finally, Worldquant Millennium Advisors LLC purchased a new stake in Cloudflare during the third quarter valued at about $8,535,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Up 1.9 %

NET opened at $115.83 on Friday. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year 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. The stock has a market capitalization of $39.97 billion, a price-to-earnings ratio of -526.50 and a beta of 1.27. The business has a 50 day moving average of $136.45 and a 200-day moving average of $108.31.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $111.90, for a total value of $5,861,769.60. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,204,267.80. This trade represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total value of $1,690,800.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $28,503,393.68. This represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 571,766 shares of company stock valued at $73,804,307 over the last ninety days. 12.83% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Mizuho dropped their target price on Cloudflare from $160.00 to $140.00 and set a “neutral” rating on the stock in a report on Thursday. Truist Financial upped their target price on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. JPMorgan Chase & Co. upped their target price on Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Needham & Company LLC dropped their target price on Cloudflare from $185.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Oppenheimer downgraded Cloudflare from an “outperform” rating to a “market perform” rating in a report on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $130.04.

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.