Exchange Traded Concepts LLC Sells 21,030 Shares of Cloudflare, Inc. (NYSE:NET)

Exchange Traded Concepts LLC lessened its stake in Cloudflare, Inc. (NYSE:NET) by 23.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 69,742 shares of the company’s stock after selling 21,030 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Cloudflare were worth $7,510,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in NET. RFG Advisory LLC grew its holdings in Cloudflare by 11.1% during the 4th quarter. RFG Advisory LLC now owns 9,816 shares of the company’s stock worth $1,057,000 after acquiring an additional 982 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Cloudflare by 19.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 32,153 shares of the company’s stock valued at $3,462,000 after purchasing an additional 5,130 shares in the last quarter. Daymark Wealth Partners LLC increased its holdings in Cloudflare by 6.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 4,535 shares of the company’s stock valued at $488,000 after buying an additional 257 shares during the period. MCF Advisors LLC bought a new position in Cloudflare in the fourth quarter worth approximately $123,000. Finally, Atomi Financial Group Inc. lifted its holdings in Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after buying an additional 94 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NET has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. BNP Paribas began coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Piper Sandler lifted their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley increased their target price on shares of Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their price target for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare has a consensus rating of “Hold” and a consensus price target of $108.32.

Cloudflare Trading Up 1.0 %

NYSE NET opened at $125.19 on Friday. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $125.71. 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 50-day simple moving average of $110.70 and a two-hundred day simple moving average of $92.72.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at $21,403,676.25. This trade represents a 12.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $16,425,199.60. The trade was a 1.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 641,132 shares of company stock valued at $69,429,058. Corporate insiders own 12.83% of the company’s stock.

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.