Clear Harbor Asset Management LLC Sells 1,138 Shares of Cloudflare, Inc. (NYSE:NET)

Clear Harbor Asset Management LLC trimmed its position in Cloudflare, Inc. (NYSE:NET) by 4.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 23,197 shares of the company’s stock after selling 1,138 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Cloudflare were worth $1,931,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Cloudflare by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company’s stock worth $1,728,448,000 after purchasing an additional 395,363 shares in the last quarter. Moneta Group Investment Advisors LLC increased its holdings in Cloudflare by 131,133.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company’s stock worth $274,583,000 after purchasing an additional 6,068,873 shares in the last quarter. State Street Corp increased its holdings in Cloudflare by 5.3% during the 1st quarter. State Street Corp now owns 5,552,609 shares of the company’s stock worth $664,647,000 after purchasing an additional 278,422 shares in the last quarter. Geode Capital Management LLC increased its holdings in Cloudflare by 4.0% during the 1st quarter. Geode Capital Management LLC now owns 3,797,582 shares of the company’s stock worth $233,843,000 after purchasing an additional 146,503 shares in the last quarter. Finally, Norges Bank bought a new stake in Cloudflare during the 4th quarter worth approximately $124,592,000. 82.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Cantor Fitzgerald reissued a “neutral” rating and set a $100.00 price objective (up from $70.00) on shares of Cloudflare in a report on Friday, February 9th. JMP Securities boosted their target price on Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Wednesday, January 31st. DZ Bank downgraded Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price on the stock. in a research note on Tuesday, February 13th. Mizuho boosted their target price on Cloudflare from $73.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Finally, Sanford C. Bernstein began coverage on Cloudflare in a research note on Thursday, January 18th. They issued a “market perform” rating and a $85.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $87.50.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, General Counsel Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $81.43, for a total transaction of $244,290.00. Following the sale, the general counsel now owns 154,629 shares of the company’s stock, valued at approximately $12,591,439.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Carl Ledbetter sold 9,993 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $100.16, for a total value of $1,000,898.88. Following the transaction, the director now owns 1,275,004 shares of the company’s stock, valued at $127,704,400.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $81.43, for a total transaction of $244,290.00. Following the completion of the transaction, the general counsel now directly owns 154,629 shares in the company, valued at approximately $12,591,439.47. The disclosure for this sale can be found here. Insiders have sold 1,079,809 shares of company stock valued at $101,239,047 in the last 90 days. 14.80% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

NET stock traded up $0.23 during midday trading on Thursday, reaching $96.78. 1,698,630 shares of the company’s stock traded hands, compared to its average volume of 4,138,791. The company has a 50-day moving average price of $93.55 and a two-hundred day moving average price of $78.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. Cloudflare, Inc. has a 52 week low of $39.90 and a 52 week high of $116.00. The firm has a market capitalization of $32.68 billion, a PE ratio of -175.96 and a beta of 1.14.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The business had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current 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.