Atika Capital Management LLC Sells 15,200 Shares of Cloudflare, Inc. (NYSE:NET)

Atika Capital Management LLC decreased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 17.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,800 shares of the company's stock after selling 15,200 shares during the period. Atika Capital Management LLC's holdings in Cloudflare were worth $7,731,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP grew its stake in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company's stock valued at $39,000 after buying an additional 133 shares during the last quarter. Larson Financial Group LLC increased its stake in Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company's stock worth $58,000 after purchasing an additional 517 shares during the period. Versant Capital Management Inc lifted its position in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company's stock valued at $59,000 after purchasing an additional 170 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after purchasing an additional 217 shares during the period. Finally, Sava Infond d.o.o. purchased a new position in shares of Cloudflare in the fourth quarter worth $65,000. Institutional investors own 82.68% of the company's stock.

Analysts Set New Price Targets

NET has been the topic of a number of analyst reports. Scotiabank boosted their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a "sector perform" rating in a research report on Tuesday, January 21st. Stifel Nicolaus upped their price target on Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Cantor Fitzgerald boosted their target price on Cloudflare from $111.00 to $149.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. JPMorgan Chase & Co. raised their price target on Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Finally, Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $95.00 to $145.00 in a research report on Friday, January 17th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $134.88.

Remove Ads

Cloudflare Stock Performance

Cloudflare stock traded down $0.34 during midday trading on Friday, reaching $105.16. 1,294,646 shares of the company traded hands, compared to its average volume of 3,173,793. The firm has a market capitalization of $36.29 billion, a price-to-earnings ratio of -478.75 and a beta of 1.59. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The business has a 50 day moving average of $132.54 and a two-hundred day moving average of $113.34.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 33,864 shares of Cloudflare stock in a transaction on Friday, January 17th. The shares were sold at an average price of $119.40, for a total transaction of $4,043,361.60. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $30,192,558.60. The trade was a 11.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company's stock, valued at $59,279,290.07. This represents a 11.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 561,973 shares of company stock worth $73,056,260 in the last three months. Corporate insiders own 12.83% of the company's stock.

Cloudflare Company 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.