Intech Investment Management LLC Lowers Stock Position in Cloudflare, Inc. (NYSE:NET)

Intech Investment Management LLC trimmed its holdings in Cloudflare, Inc. (NYSE:NET) by 67.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,369 shares of the company’s stock after selling 52,245 shares during the quarter. Intech Investment Management LLC’s holdings in Cloudflare were worth $2,101,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of NET. Elo Mutual Pension Insurance Co grew its holdings in Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock worth $2,253,000 after purchasing an additional 136 shares during the period. Forum Financial Management LP boosted its holdings in Cloudflare by 6.1% in the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after acquiring an additional 162 shares in the last quarter. Soltis Investment Advisors LLC grew its stake in shares of Cloudflare by 0.5% in the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after acquiring an additional 168 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Cloudflare by 34.4% during the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock valued at $65,000 after acquiring an additional 171 shares in the last quarter. Finally, Bleakley Financial Group LLC boosted its stake in Cloudflare by 5.6% in the 1st quarter. Bleakley Financial Group LLC now owns 3,329 shares of the company’s stock worth $322,000 after purchasing an additional 178 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Up 3.8 %

Shares of NET opened at $85.62 on Tuesday. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. The business’s 50 day moving average is $79.50 and its 200 day moving average is $82.21. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $29.09 billion, a PE ratio of -161.54 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The business had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The firm’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.12) EPS. Research analysts expect that Cloudflare, Inc. will post -0.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NET. UBS Group upgraded shares of Cloudflare from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $82.00 in a report on Tuesday, June 25th. The Goldman Sachs Group dropped their price objective on Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research report on Tuesday, June 4th. Robert W. Baird raised their price target on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Susquehanna boosted their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $92.00 target price on shares of Cloudflare in a research report on Monday, June 17th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $92.29.

Insider Transactions at Cloudflare

In other news, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the completion of the sale, the chief operating officer now owns 192,177 shares in the company, valued at approximately $14,632,356.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $78.36, for a total transaction of $1,175,400.00. Following the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at approximately $22,050,739.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total value of $976,114.80. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $14,632,356.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 572,062 shares of company stock worth $46,086,211. 12.83% of the stock is currently owned by company insiders.

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.