Zurcher Kantonalbank Zurich Cantonalbank Sells 1,844 Shares of Cloudflare, Inc. (NYSE:NET)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Cloudflare, Inc. (NYSE:NET) by 2.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,924 shares of the company’s stock after selling 1,844 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cloudflare were worth $6,238,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NET. Moneta Group Investment Advisors LLC raised its holdings in Cloudflare by 131,133.8% in 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. Norges Bank bought a new position in Cloudflare in the 4th quarter worth $124,592,000. 1832 Asset Management L.P. raised its holdings in Cloudflare by 315.1% in the 1st quarter. 1832 Asset Management L.P. now owns 1,888,400 shares of the company’s stock worth $116,439,000 after purchasing an additional 1,433,500 shares in the last quarter. Two Sigma Investments LP raised its holdings in Cloudflare by 215.1% in the 1st quarter. Two Sigma Investments LP now owns 1,344,914 shares of the company’s stock worth $82,927,000 after purchasing an additional 918,096 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Cloudflare by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock worth $2,795,953,000 after purchasing an additional 548,149 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total value of $4,955,002.56. Following the transaction, the chief executive officer now owns 12,183 shares in the company, valued at approximately $1,152,389.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $79.60, for a total transaction of $238,800.00. Following the sale, the insider now owns 216,114 shares in the company, valued at approximately $17,202,674.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the sale, the chief executive officer now owns 12,183 shares in the company, valued at approximately $1,152,389.97. The disclosure for this sale can be found here. Insiders have sold 1,110,707 shares of company stock worth $107,459,933 in the last quarter. Company insiders own 14.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NET. Wells Fargo & Company upped their target price on shares of Cloudflare from $95.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Needham & Company LLC upped their target price on shares of Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Capital One Financial began coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 target price on the stock. KeyCorp upped their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Finally, DZ Bank downgraded shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price on the stock. in a research report on Tuesday, February 13th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $87.08.

Cloudflare Trading Down 3.0 %

Shares of NYSE:NET opened at $84.10 on Friday. The firm’s 50 day moving average price is $96.38 and its 200-day moving average price is $81.78. Cloudflare, Inc. has a twelve month low of $39.90 and a twelve month high of $116.00. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Research analysts predict that Cloudflare, Inc. will post -0.2 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.