Cloudflare, Inc. $NET Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC decreased its holdings in Cloudflare, Inc. (NYSE:NET) by 49.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 436,635 shares of the company’s stock after selling 429,162 shares during the quarter. Fred Alger Management LLC owned approximately 0.12% of Cloudflare worth $93,698,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rakuten Investment Management Inc. bought a new position in Cloudflare during the 3rd quarter valued at $138,660,000. Allianz Asset Management GmbH grew its holdings in Cloudflare by 322.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 65,182 shares of the company’s stock worth $13,987,000 after acquiring an additional 49,749 shares in the last quarter. National Pension Service increased its position in shares of Cloudflare by 1.0% in the 3rd quarter. National Pension Service now owns 618,662 shares of the company’s stock worth $132,759,000 after purchasing an additional 5,939 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Cloudflare in the 2nd quarter valued at about $87,868,000. Finally, Swedbank AB raised its stake in shares of Cloudflare by 27.7% in the 3rd quarter. Swedbank AB now owns 43,878 shares of the company’s stock valued at $9,416,000 after purchasing an additional 9,527 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Needham & Company LLC decreased their price target on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Wolfe Research restated a “peer perform” rating on shares of Cloudflare in a research note on Monday, January 26th. Royal Bank Of Canada increased their target price on Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, February 11th. Wells Fargo & Company lifted their target price on Cloudflare from $265.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Finally, UBS Group reiterated a “neutral” rating and issued a $220.00 price target on shares of Cloudflare in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $233.38.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 41,557 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the sale, the chief financial officer directly owned 85,452 shares in the company, valued at approximately $15,812,038.08. This trade represents a 32.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $189.47, for a total transaction of $9,925,196.48. The SEC filing for this sale provides additional information. Insiders sold 523,690 shares of company stock worth $96,821,800 in the last 90 days. 10.89% of the stock is currently owned by company insiders.

Cloudflare Price Performance

NET opened at $212.46 on Monday. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. The company’s 50-day moving average price is $185.42 and its 200 day moving average price is $203.00. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00. The firm has a market cap of $74.42 billion, a price-to-earnings ratio of -732.59 and a beta of 1.98.

Cloudflare (NYSE:NET) last issued its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.Cloudflare’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. As a group, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.