Oppenheimer & Co. Inc. Sells 140 Shares of Cloudflare, Inc. (NYSE:NET)

Oppenheimer & Co. Inc. decreased its holdings in Cloudflare, Inc. (NYSE:NET) by 0.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,285 shares of the company’s stock after selling 140 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Cloudflare were worth $1,646,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of NET. Allspring Global Investments Holdings LLC lifted its position in shares of Cloudflare by 13.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after buying an additional 119 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Cloudflare by 21.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,455 shares of the company’s stock worth $279,000 after buying an additional 602 shares in the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of Cloudflare during the 3rd quarter worth approximately $212,000. Janney Montgomery Scott LLC lifted its position in shares of Cloudflare by 29.5% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,023 shares of the company’s stock worth $2,186,000 after buying an additional 6,156 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Cloudflare by 105.8% during the 3rd quarter. Van ECK Associates Corp now owns 63,182 shares of the company’s stock worth $5,537,000 after buying an additional 32,485 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Activity

In other news, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Friday, February 21st. The shares were sold at an average price of $156.67, for a total transaction of $4,017,018.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the sale, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at $59,961,421.52. This represents a 11.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 638,046 shares of company stock worth $81,243,344 in the last three months. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Down 1.7 %

NET opened at $142.88 on Tuesday. The company has a fifty day moving average price of $133.31 and a 200-day moving average price of $105.77. The firm has a market capitalization of $49.04 billion, a P/E ratio of -649.45 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 one year low of $66.24 and a one year high of $177.37.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Equities research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on NET shares. Guggenheim lifted their target price on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research report on Friday, February 7th. Piper Sandler lifted their price target on shares of Cloudflare from $92.00 to $153.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $185.00 price target on shares of Cloudflare in a report on Tuesday, February 18th. Finally, Truist Financial lifted their price target on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price 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.