Cloudflare, Inc. (NYSE:NET) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lessened its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 46.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,972 shares of the company’s stock after selling 29,210 shares during the quarter. Van ECK Associates Corp’s holdings in Cloudflare were worth $3,658,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of NET. Geode Capital Management LLC increased its stake in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after buying an additional 121,810 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after purchasing an additional 29,960 shares during the last quarter. Swiss National Bank raised its stake in shares of Cloudflare by 1.1% in the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after purchasing an additional 10,100 shares in the last quarter. National Pension Service lifted its position in shares of Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after purchasing an additional 4,062 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc grew its stake in Cloudflare by 16.8% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 395,303 shares of the company’s stock worth $42,602,000 after purchasing an additional 56,906 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cloudflare

In related news, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction 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 transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. The trade was a 5.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 533,297 shares of company stock valued at $62,604,696 in the last quarter. Insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NET opened at $160.48 on Thursday. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a market capitalization of $55.07 billion, a price-to-earnings ratio of -729.45 and a beta of 1.12. The business has a 50 day moving average price of $128.51 and a two-hundred day moving average price of $102.19. 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 (NYSE:NET) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. Research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NET. Susquehanna increased their target price on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Morgan Stanley lifted their price objective on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. JPMorgan Chase & Co. increased their target price on shares of Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Piper Sandler lifted their price target on shares of Cloudflare from $92.00 to $153.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Finally, Stifel Nicolaus increased their price objective on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $136.28.

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.