Mackenzie Financial Corp Sells 472 Shares of Cloudflare, Inc. (NYSE:NET)

Mackenzie Financial Corp reduced its position in shares of Cloudflare, Inc. (NYSE:NET) by 3.3% during the fourth quarter, Holdings Channel reports. The firm owned 13,665 shares of the company’s stock after selling 472 shares during the period. Mackenzie Financial Corp’s holdings in Cloudflare were worth $1,138,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in NET. Kingswood Wealth Advisors LLC raised its position in Cloudflare by 0.5% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock worth $2,278,000 after acquiring an additional 132 shares during the period. Quent Capital LLC raised its position in shares of Cloudflare by 8.1% in the fourth quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock valued at $156,000 after purchasing an additional 140 shares during the period. CWM LLC raised its position in shares of Cloudflare by 3.4% in the third quarter. CWM LLC now owns 4,624 shares of the company’s stock valued at $291,000 after purchasing an additional 153 shares during the period. Xponance Inc. raised its position in shares of Cloudflare by 0.6% in the third quarter. Xponance Inc. now owns 40,684 shares of the company’s stock valued at $2,565,000 after purchasing an additional 224 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Cloudflare by 1.2% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 19,736 shares of the company’s stock valued at $1,244,000 after purchasing an additional 239 shares during the period. 82.68% of the stock is owned by institutional investors.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $87.68 on Thursday. Cloudflare, Inc. has a 52-week low of $39.90 and a 52-week high of $116.00. The stock has a market capitalization of $29.61 billion, a price-to-earnings ratio of -159.42 and a beta of 1.12. The company has a fifty day moving average of $95.72 and a 200-day moving average of $82.47. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. Equities research analysts expect that Cloudflare, Inc. will post -0.2 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 10,031 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $80.91, for a total value of $811,608.21. Following the completion of the transaction, the director now directly owns 1,454,919 shares in the company, valued at approximately $117,717,496.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 10,031 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $80.91, for a total value of $811,608.21. Following the completion of the transaction, the director now directly owns 1,454,919 shares in the company, valued at approximately $117,717,496.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the completion of the transaction, the chief executive officer now owns 12,183 shares of the company’s stock, valued at $1,152,389.97. The disclosure for this sale can be found here. Insiders sold 1,036,341 shares of company stock valued at $101,013,542 in the last quarter. Company insiders own 14.80% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on NET. Capital One Financial began coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price target on the stock. Mizuho lowered their price target on shares of Cloudflare from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday, April 15th. JMP Securities boosted their price target on shares of Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a research report on Wednesday, January 31st. Morgan Stanley upped their target price on shares of Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a report on Monday, February 12th. Finally, KeyCorp upped their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Four investment 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. According to MarketBeat, Cloudflare has an average rating of “Hold” and a consensus price target 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.