Bessemer Group Inc. Trims Position in Cloudflare, Inc. (NYSE:NET)

Bessemer Group Inc. reduced its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 1.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 594,219 shares of the company's stock after selling 10,902 shares during the quarter. Bessemer Group Inc. owned approximately 0.17% of Cloudflare worth $63,986,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Groupama Asset Managment acquired a new stake in Cloudflare in the fourth quarter valued at $269,200,000. Norges Bank bought a new stake in shares of Cloudflare in the 4th quarter valued at about $249,544,000. American Century Companies Inc. increased its stake in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock valued at $243,098,000 after buying an additional 1,017,399 shares during the period. Invesco Ltd. raised its position in shares of Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in shares of Cloudflare by 454.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company's stock worth $94,660,000 after acquiring an additional 720,568 shares during the period. Institutional investors own 82.68% of the company's stock.

Insider Activity

In related news, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now owns 175,688 shares of the company's stock, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 561,973 shares of company stock valued at $73,056,260 over the last three months. Corporate insiders own 12.83% of the company's stock.

Remove Ads

Cloudflare Stock Up 0.6 %

NYSE:NET traded up $0.59 during trading hours on Monday, hitting $106.84. 2,519,360 shares of the company traded hands, compared to its average volume of 3,186,899. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market cap of $36.87 billion, a PE ratio of -485.64 and a beta of 1.59. The firm's 50-day simple moving average is $131.85 and its 200-day simple moving average is $113.71.

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Monday, January 27th. Stifel Nicolaus increased their price target on Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a report on Friday, February 7th. DZ Bank downgraded Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price objective on the stock. in a research note on Tuesday, February 11th. Needham & Company LLC decreased their target price on Cloudflare from $185.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Finally, Piper Sandler dropped their price target on Cloudflare from $131.00 to $112.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Cloudflare currently has an average rating of "Hold" and a consensus price target of $134.88.

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.