Cloudflare, Inc. (NYSE:NET) Stake Reduced by National Pension Service

National Pension Service reduced its stake in shares of Cloudflare, Inc. (NYSE:NET) by 8.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 431,180 shares of the company’s stock after selling 40,743 shares during the quarter. National Pension Service owned about 0.13% of Cloudflare worth $46,429,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new position in Cloudflare during the 3rd quarter worth $38,000. Quarry LP boosted its position in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares during the period. Quest Partners LLC acquired a new position in Cloudflare during the 3rd quarter worth $54,000. Versant Capital Management Inc boosted its position in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares during the period. Finally, GAMMA Investing LLC boosted its position in Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after acquiring an additional 217 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO Janel Riley sold 4,327 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the sale, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 638,046 shares of company stock worth $81,243,344 in the last three months. 12.83% of the stock is owned by insiders.

Cloudflare Stock Down 2.9 %

Shares of Cloudflare stock opened at $140.74 on Friday. The firm has a market cap of $48.30 billion, a price-to-earnings ratio of -639.73 and a beta of 1.12. 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 52-week low of $66.24 and a 52-week high of $177.37. The stock has a 50-day simple moving average of $132.01 and a 200-day simple moving average of $104.71.

Cloudflare (NYSE:NET) last announced its quarterly 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%. On average, equities research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Oppenheimer lowered Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday, February 7th. Scotiabank upped their price objective on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Jefferies Financial Group upped their price objective on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Piper Sandler upped their price objective on Cloudflare from $92.00 to $153.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. upped their price objective on Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $136.28.

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.