Swiss National Bank Sells 15,500 Shares of Cloudflare, Inc. (NYSE:NET)

Swiss National Bank lessened its holdings in Cloudflare, Inc. (NYSE:NET) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 869,200 shares of the company’s stock after selling 15,500 shares during the period. Swiss National Bank’s holdings in Cloudflare were worth $72,370,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC bought a new position in shares of Cloudflare in the fourth quarter worth about $39,000. Massmutual Trust Co. FSB ADV boosted its position in Cloudflare by 1,976.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock valued at $45,000 after buying an additional 514 shares during the period. Livforsakringsbolaget Skandia Omsesidigt grew its stake in Cloudflare by 98.7% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock worth $50,000 after acquiring an additional 296 shares in the last quarter. ORG Partners LLC purchased a new position in shares of Cloudflare during the fourth quarter worth approximately $55,000. Finally, Harvest Fund Management Co. Ltd increased its position 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 period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 16.4 %

Shares of NET opened at $74.40 on Monday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare, Inc. has a 12 month low of $39.90 and a 12 month high of $116.00. The stock has a fifty day moving average price of $93.67 and a 200-day moving average price of $83.75.

Cloudflare (NYSE:NET) last announced its earnings results 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. The company had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, research analysts expect that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the sale, the chief executive officer now owns 12,183 shares of the company’s stock, valued at approximately $1,152,389.97. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the completion of the sale, the chief executive officer now directly owns 12,183 shares in the company, valued at $1,152,389.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the transaction, the director now directly owns 1,446,957 shares in the company, valued at $117,811,238.94. The disclosure for this sale can be found here. Insiders sold 1,029,347 shares of company stock valued at $100,594,226 in the last three months. 12.83% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on NET. Oppenheimer dropped their price objective on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday. DZ Bank downgraded Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price target on the stock. in a research report on Tuesday, February 13th. Bank of America lifted their price objective on Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a report on Friday. Mizuho lowered their price objective on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a research note on Friday. Finally, JMP Securities raised their target price 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. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $90.17.

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.