Westwood Holdings Group Inc. Cuts Holdings in Cloudflare, Inc. (NYSE:NET)

Westwood Holdings Group Inc. trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 28.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 11,396 shares of the company’s stock after selling 4,428 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Cloudflare were worth $1,227,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of NET. Groupama Asset Managment purchased a new position in Cloudflare in the fourth quarter worth $269,200,000. Norges Bank purchased a new position in Cloudflare in the fourth quarter worth $249,544,000. American Century Companies Inc. grew its holdings in Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC grew its holdings in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock worth $100,604,000 after purchasing an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after purchasing an additional 804,059 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Trading Down 0.2%

NYSE NET opened at $157.26 on Wednesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm’s fifty day moving average price is $120.03 and its 200 day moving average price is $120.89. The company has a market capitalization of $54.27 billion, a price-to-earnings ratio of -714.82 and a beta of 1.78. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same period last year, the business earned $0.16 earnings per share. The company’s quarterly revenue was up 26.5% on a year-over-year basis. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the transaction, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at approximately $59,279,290.07. This trade represents a 11.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $156.67, for a total transaction of $4,017,018.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 529,199 shares of company stock valued at $68,401,233. Insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on NET shares. Truist Financial lifted their price target on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Royal Bank of Canada lowered their price objective on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. CICC Research upgraded shares of Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective for the company in a research note on Monday, May 12th. Oppenheimer lifted their price objective on shares of Cloudflare from $150.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, May 9th. Finally, JMP Securities boosted their target price on shares of Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research report on Friday, February 7th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $141.79.

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.