SlateStone Wealth LLC Decreases Position in Cloudflare, Inc. (NYSE:NET)

SlateStone Wealth LLC lessened its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 75.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,987 shares of the company’s stock after selling 12,290 shares during the quarter. SlateStone Wealth LLC’s holdings in Cloudflare were worth $332,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NET. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Cloudflare by 1,976.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock valued at $45,000 after purchasing an additional 514 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Cloudflare by 98.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock valued at $50,000 after purchasing an additional 296 shares during the last quarter. ORG Partners LLC purchased a new stake in shares of Cloudflare during the 4th quarter valued at $55,000. Harvest Fund Management Co. Ltd raised its stake in Cloudflare by 2,422.9% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 883 shares of the company’s stock worth $56,000 after acquiring an additional 848 shares during the last quarter. Finally, Fortis Group Advisors LLC purchased a new position in Cloudflare in the 3rd quarter worth $64,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Activity

In other news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $81.87, for a total transaction of $1,228,050.00. Following the sale, the chief financial officer now owns 366,465 shares of the company’s stock, valued at approximately $30,002,489.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Carl Ledbetter sold 7,982 shares of Cloudflare stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $85.06, for a total value of $678,948.92. Following the completion of the sale, the director now owns 1,464,950 shares in the company, valued at approximately $124,608,647. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $81.87, for a total transaction of $1,228,050.00. Following the completion of the sale, the chief financial officer now owns 366,465 shares of the company’s stock, valued at approximately $30,002,489.55. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,044,323 shares of company stock valued at $101,692,491. 14.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Truist Financial raised their target price on Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Needham & Company LLC raised their target price on Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. JPMorgan Chase & Co. raised their target price on Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. DZ Bank lowered Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price for the company. in a research note on Tuesday, February 13th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $100.00 target price on shares of Cloudflare in a research note on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and an average target price of $87.08.

Cloudflare Price Performance

Cloudflare stock traded up $3.95 during midday trading on Tuesday, reaching $88.64. The company had a trading volume of 1,491,781 shares, compared to its average volume of 3,775,752. Cloudflare, Inc. has a 12-month low of $39.90 and a 12-month high of $116.00. The firm’s fifty day simple moving average is $96.38 and its 200-day simple moving average is $82.10. 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 results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. On average, analysts anticipate that Cloudflare, Inc. will post -0.2 EPS for the current year.

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.