HighTower Advisors LLC Has $1.93 Million Position in Cloudflare, Inc. (NYSE:NET)

HighTower Advisors LLC lessened its stake in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) by 36.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 42,731 shares of the company’s stock after selling 24,335 shares during the period. HighTower Advisors LLC’s holdings in Cloudflare were worth $1,933,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of NET. Baillie Gifford & Co. raised its holdings in Cloudflare by 6.5% during the fourth quarter. Baillie Gifford & Co. now owns 26,335,438 shares of the company’s stock worth $1,190,625,000 after buying an additional 1,610,191 shares during the last quarter. Vanguard Group Inc. raised its holdings in Cloudflare by 5.8% during the third quarter. Vanguard Group Inc. now owns 25,299,971 shares of the company’s stock worth $1,399,341,000 after buying an additional 1,398,081 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in Cloudflare during the third quarter worth $30,111,000. Renaissance Technologies LLC raised its holdings in Cloudflare by 62.2% during the first quarter. Renaissance Technologies LLC now owns 1,339,500 shares of the company’s stock worth $160,338,000 after buying an additional 513,800 shares during the last quarter. Finally, Sands Capital Management LLC raised its holdings in Cloudflare by 2.0% during the third quarter. Sands Capital Management LLC now owns 15,956,268 shares of the company’s stock worth $882,541,000 after buying an additional 312,315 shares during the last quarter. Institutional investors and hedge funds own 69.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NET shares. William Blair reiterated an “outperform” rating on shares of Cloudflare in a research note on Wednesday, April 19th. Piper Sandler reduced their target price on shares of Cloudflare from $64.00 to $50.00 in a research note on Friday, April 28th. Mizuho reduced their target price on shares of Cloudflare from $60.00 to $49.00 in a research note on Friday, April 28th. The Goldman Sachs Group started coverage on shares of Cloudflare in a research note on Tuesday, February 14th. They issued a “sell” rating and a $51.00 target price for the company. Finally, Royal Bank of Canada reduced their target price on shares of Cloudflare from $70.00 to $54.00 in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $61.04.

Cloudflare Price Performance

Shares of NYSE:NET opened at $56.23 on Thursday. The company has a quick ratio of 4.40, a current ratio of 4.40 and a debt-to-equity ratio of 2.20. The firm has a market capitalization of $18.66 billion, a PE ratio of -95.31 and a beta of 1.01. Cloudflare, Inc. has a twelve month low of $37.37 and a twelve month high of $80.99. The company has a 50-day moving average price of $55.88 and a two-hundred day moving average price of $52.62.

Cloudflare (NYSE:NET – Get Rating) last announced its quarterly earnings results on Thursday, April 27th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Cloudflare had a negative return on equity of 25.10% and a negative net margin of 18.05%. The firm had revenue of $290.18 million during the quarter, compared to analysts’ expectations of $290.96 million. Equities analysts forecast that Cloudflare, Inc. will post -0.32 EPS for the current year.

Insider Transactions at Cloudflare

In other news, General Counsel Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $60.61, for a total value of $181,830.00. Following the sale, the general counsel now directly owns 54,960 shares of the company’s stock, valued at $3,331,125.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Thomas J. Seifert sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $60.25, for a total value of $1,205,000.00. Following the sale, the chief financial officer now directly owns 61,355 shares of the company’s stock, valued at $3,696,638.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $60.61, for a total transaction of $181,830.00. Following the completion of the sale, the general counsel now directly owns 54,960 shares in the company, valued at $3,331,125.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 421,338 shares of company stock valued at $24,385,996. 15.99% of the stock is currently owned by corporate insiders.

About Cloudflare

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.