Cloudflare, Inc. (NYSE:NET) Stake Cut by a16z Perennial Management L.P.

a16z Perennial Management L.P. decreased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 5.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,040 shares of the company’s stock after selling 400 shares during the period. Cloudflare comprises about 0.1% of a16z Perennial Management L.P.’s portfolio, making the stock its 21st largest holding. a16z Perennial Management L.P.’s holdings in Cloudflare were worth $569,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of NET. abrdn plc lifted its stake in Cloudflare by 30.9% in the third quarter. abrdn plc now owns 76,770 shares of the company’s stock valued at $6,210,000 after buying an additional 18,132 shares during the last quarter. Smith Group Asset Management LLC bought a new position in shares of Cloudflare during the third quarter worth about $262,000. Pallas Capital Advisors LLC acquired a new stake in shares of Cloudflare in the 3rd quarter worth about $248,000. Clear Harbor Asset Management LLC boosted its stake in Cloudflare by 1.7% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 24,982 shares of the company’s stock valued at $2,021,000 after purchasing an additional 415 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Cloudflare by 20.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 25,014 shares of the company’s stock valued at $2,023,000 after purchasing an additional 4,298 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Trading Down 0.9 %

Shares of NYSE NET opened at $87.94 on Tuesday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00. The business has a 50-day moving average price of $83.20 and a two-hundred day moving average price of $80.60. The firm has a market capitalization of $30.05 billion, a PE ratio of -165.92 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. The business had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The firm’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the company posted ($0.12) earnings per share. As a group, analysts predict that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NET has been the topic of a number of recent analyst reports. Scotiabank started coverage on Cloudflare in a report on Monday, July 8th. They set a “sector perform” rating and a $85.00 price target on the stock. Cantor Fitzgerald boosted their price target on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Robert W. Baird raised their price target on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. BNP Paribas began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price objective for the company. Finally, Mizuho increased their target price on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average target price of $91.72.

Insider Activity

In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, October 18th. The stock was sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at approximately $25,573,904.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $77.17, for a total transaction of $231,510.00. Following the transaction, the insider now owns 195,303 shares in the company, valued at $15,071,532.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $25,573,904.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 522,552 shares of company stock worth $42,994,705 in the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Cloudflare 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.