Clear Harbor Asset Management LLC Decreases Stock Position in Cloudflare, Inc. (NYSE:NET)

Clear Harbor Asset Management LLC lowered its position in shares of Cloudflare, Inc. (NYSE:NET) by 1.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,717 shares of the company’s stock after selling 265 shares during the period. Clear Harbor Asset Management LLC’s holdings in Cloudflare were worth $2,662,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. CVA Family Office LLC lifted its holdings in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares in the last quarter. Quarry LP increased its position in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Cloudflare in the third quarter worth about $38,000. Quest Partners LLC purchased a new position in Cloudflare in the third quarter valued at about $54,000. Finally, Versant Capital Management Inc grew its stake in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NET has been the topic of a number of recent analyst reports. Royal Bank of Canada upped their target price on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. BNP Paribas initiated coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target on the stock. Jefferies Financial Group raised their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $92.00 to $130.00 in a research note on Monday, December 2nd. Finally, Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and upped their price objective for the company from $95.00 to $145.00 in a research note on Friday. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $107.00.

Cloudflare Price Performance

Shares of NYSE NET opened at $117.13 on Tuesday. The firm has a 50-day moving average of $108.20 and a two-hundred day moving average of $91.77. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $121.02.

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

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Monday, November 4th. The shares were sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $24,422,966.37. This trade represents a 5.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares in the company, valued at approximately $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 524,852 shares of company stock valued at $55,386,256 over the last three months. 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.