Victory Capital Management Inc. Trims Holdings in Cloudflare, Inc. (NYSE:NET)

Victory Capital Management Inc. trimmed its position in Cloudflare, Inc. (NYSE:NET) by 1.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,885 shares of the company’s stock after selling 1,251 shares during the quarter. Victory Capital Management Inc.’s holdings in Cloudflare were worth $8,494,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. boosted its position in shares of Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock valued at $709,000 after acquiring an additional 77 shares during the last quarter. Atomi Financial Group Inc. boosted its position in shares of Cloudflare by 3.3% during the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after acquiring an additional 94 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Cloudflare by 4.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock valued at $293,000 after acquiring an additional 105 shares during the last quarter. D.A. Davidson & CO. boosted its position in shares of Cloudflare by 0.5% during the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock valued at $2,269,000 after acquiring an additional 106 shares during the last quarter. Finally, Amalgamated Bank boosted its position in shares of Cloudflare by 0.5% during the 4th quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock valued at $2,154,000 after acquiring an additional 107 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NET. Jefferies Financial Group increased their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Needham & Company LLC lowered their price target on Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday. JMP Securities raised their price target on Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research report on Friday, February 7th. Wells Fargo & Company raised their price target on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Finally, Baird R W downgraded Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Four equities 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 company’s stock. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average target price of $130.04.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $113.00, for a total value of $5,919,392.00. Following the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,216,106. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Janel Riley sold 4,327 shares of the 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 transaction, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 571,766 shares of company stock valued at $73,804,307. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Stock Performance

Shares of NET opened at $115.83 on Friday. The firm has a 50-day moving average price of $136.45 and a 200 day moving average price of $108.31. The firm has a market capitalization of $39.97 billion, a PE ratio of -526.50 and a beta of 1.27. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.