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

Zurcher Kantonalbank Zurich Cantonalbank cut its position in Cloudflare, Inc. (NYSE:NET) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 74,924 shares of the company’s stock after selling 1,844 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cloudflare were worth $6,238,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new position in Cloudflare in the first quarter worth about $29,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Cloudflare by 1,976.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock worth $45,000 after acquiring an additional 514 shares during the last quarter. ORG Partners LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $55,000. Harvest Fund Management Co. Ltd grew its stake in shares of Cloudflare by 2,422.9% during the third 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 stake in shares of Cloudflare during the third quarter worth about $64,000. 82.68% of the stock is currently owned by institutional investors.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $79.60, for a total transaction of $238,800.00. Following the completion of the transaction, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $17,202,674.40. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $79.60, for a total value of $238,800.00. Following the completion of the transaction, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $17,202,674.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Maria S. Eitel sold 6,875 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $98.51, for a total value of $677,256.25. Following the completion of the transaction, the director now directly owns 23,513 shares of the company’s stock, valued at $2,316,265.63. The disclosure for this sale can be found here. Insiders sold a total of 1,110,707 shares of company stock valued at $107,459,933 in the last three months. 14.80% of the stock is currently owned by company insiders.

Cloudflare Price Performance

Shares of NET stock opened at $84.10 on Friday. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The stock has a 50 day simple moving average of $96.38 and a 200-day simple moving average of $81.78. Cloudflare, Inc. has a 1-year low of $39.90 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last announced its earnings results 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. The business had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. As a group, equities research analysts anticipate that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on Cloudflare from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, February 9th. Needham & Company LLC boosted their price target on Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Morgan Stanley upped their target price on Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a research report on Monday, February 12th. KeyCorp upped their target price on Cloudflare from $94.00 to $132.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Finally, Capital One Financial initiated coverage on Cloudflare in a research report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 target price on the stock. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has an average rating of “Hold” and an average target price of $87.08.

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.