Mirae Asset Global Investments Co. Ltd. Trims Holdings in Cloudflare, Inc. (NYSE:NET)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in Cloudflare, Inc. (NYSE:NET) by 3.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 39,793 shares of the company’s stock after selling 1,484 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cloudflare were worth $3,313,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Deutsche Bank AG boosted its holdings in shares of Cloudflare by 5.1% in the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Cloudflare in the third quarter valued at approximately $569,000. International Assets Investment Management LLC purchased a new position in Cloudflare in the 4th quarter valued at about $11,639,000. Blueshift Asset Management LLC boosted its stake in Cloudflare by 100.2% during the 3rd quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after purchasing an additional 12,974 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Cloudflare by 377.1% during the third quarter. SG Americas Securities LLC now owns 27,746 shares of the company’s stock worth $1,749,000 after buying an additional 21,930 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NET shares. Capital One Financial started coverage on Cloudflare in a research note on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price objective on the stock. DZ Bank cut shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price for the company. in a research report on Tuesday, February 13th. JPMorgan Chase & Co. increased their price objective on shares of Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Cantor Fitzgerald restated a “neutral” rating and issued a $100.00 price target on shares of Cloudflare in a report on Wednesday. Finally, JMP Securities raised their price target on shares of Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research report on Wednesday, January 31st. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $87.08.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 44,154 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $94.37, for a total transaction of $4,166,812.98. Following the completion of the sale, the director now owns 1,222,859 shares of the company’s stock, valued at approximately $115,401,203.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 44,154 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $94.37, for a total transaction of $4,166,812.98. Following the completion of the sale, the director now owns 1,222,859 shares of the company’s stock, valued at approximately $115,401,203.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the 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 directly owns 216,114 shares of the company’s stock, valued at approximately $17,202,674.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,055,903 shares of company stock valued at $102,487,506. 14.80% of the stock is currently owned by company insiders.

Cloudflare Trading Down 3.3 %

Shares of Cloudflare stock opened at $88.05 on Thursday. The firm has a 50-day moving average of $96.93 and a 200-day moving average of $81.59. Cloudflare, Inc. has a 52-week low of $39.90 and a 52-week high of $116.00. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. The stock has a market cap of $29.73 billion, a PE ratio of -160.09 and a beta of 1.12.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. The company had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. As a group, sell-side analysts forecast 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.