ARK Investment Management LLC Reduces Position in Cloudflare, Inc. (NYSE:NET)

ARK Investment Management LLC cut its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 11.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 350,459 shares of the company's stock after selling 44,746 shares during the quarter. ARK Investment Management LLC owned approximately 0.10% of Cloudflare worth $28,349,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NET. National Pension Service lifted its stake in Cloudflare by 0.9% in the third quarter. National Pension Service now owns 471,923 shares of the company's stock valued at $38,174,000 after buying an additional 4,062 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Cloudflare in the second quarter valued at approximately $7,319,000. Price T Rowe Associates Inc. MD lifted its stake in Cloudflare by 20.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company's stock valued at $84,745,000 after buying an additional 149,866 shares during the last quarter. Swiss National Bank lifted its stake in Cloudflare by 2.0% in the first quarter. Swiss National Bank now owns 886,900 shares of the company's stock valued at $85,879,000 after buying an additional 17,700 shares during the last quarter. Finally, Comerica Bank lifted its stake in Cloudflare by 19.9% in the first quarter. Comerica Bank now owns 28,556 shares of the company's stock valued at $2,765,000 after buying an additional 4,733 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NET traded down $4.36 during mid-day trading on Friday, reaching $91.30. The company had a trading volume of 7,775,343 shares, compared to its average volume of 3,162,161. The company has a market capitalization of $31.20 billion, a P/E ratio of -304.62 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The company's 50-day moving average is $84.59 and its 200-day moving average is $80.69. Cloudflare, Inc. has a twelve month low of $61.34 and a twelve month high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts' consensus estimates of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analysts' expectations of $423.65 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.13 EPS for the current year.

Analyst Ratings Changes

NET has been the subject of several analyst reports. Needham & Company LLC restated a "buy" rating and set a $135.00 price target on shares of Cloudflare in a research note on Friday, August 2nd. Robert W. Baird upped their price target on Cloudflare from $94.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. Guggenheim upped their price target on Cloudflare from $50.00 to $57.00 and gave the stock a "sell" rating in a research note on Friday, August 2nd. Piper Sandler upped their price objective on Cloudflare from $83.00 to $92.00 and gave the stock a "neutral" rating in a report on Friday. Finally, Wolfe Research initiated coverage on Cloudflare in a report on Tuesday, July 16th. They set a "peer perform" rating on the stock. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Cloudflare has a consensus rating of "Hold" and an average price target of $92.88.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $78.05, for a total transaction of $1,170,750.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares of the company's stock, valued at $21,963,504.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $78.05, for a total value of $1,170,750.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $21,963,504.15. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Janel Riley sold 3,495 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares of the company's stock, valued at $6,546,941.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 477,043 shares of company stock worth $39,737,342. 12.83% of the stock is currently owned by corporate insiders.

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.