Victory Capital Management Inc. Has $6.48 Million Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Victory Capital Management Inc. cut its holdings in Cloudflare, Inc. (NYSE:NET) by 0.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 80,136 shares of the company’s stock after selling 207 shares during the quarter. Victory Capital Management Inc.’s holdings in Cloudflare were worth $6,482,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CVA Family Office LLC increased its stake in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Cloudflare in the second quarter valued at $29,000. Quarry LP increased its stake in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after buying an additional 421 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Cloudflare in the third quarter valued at $38,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NET. Wells Fargo & Company lifted their price objective on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research report on Friday, August 2nd. Susquehanna lifted their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Robert W. Baird lifted their price objective on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald lifted their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and an average target price of $92.88.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 28,635 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total value of $2,721,184.05. Following the sale, the chief financial officer now owns 252,869 shares in the company, valued at approximately $24,030,141.07. The trade was a 10.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction that occurred on 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 $14,632,356.78. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 546,194 shares of company stock worth $46,804,995. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Trading Down 0.0 %

NYSE:NET opened at $104.20 on Friday. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $116.00. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a market capitalization of $35.76 billion, a PE ratio of -400.77 and a beta of 1.10. The business’s 50-day simple moving average is $87.70 and its 200-day simple moving average is $81.23.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.