Titleist Asset Management LLC Sells 20,602 Shares of Cloudflare, Inc. (NYSE:NET)

Titleist Asset Management LLC cut its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 39.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,997 shares of the company's stock after selling 20,602 shares during the period. Titleist Asset Management LLC's holdings in Cloudflare were worth $3,338,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. boosted its holdings in shares of Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after buying an additional 77 shares in the last quarter. Atomi Financial Group Inc. boosted its stake in Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock worth $319,000 after acquiring an additional 94 shares in the last quarter. Baxter Bros Inc. grew its holdings in Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock worth $296,000 after purchasing an additional 100 shares during the period. Chicago Partners Investment Group LLC increased its stake in Cloudflare by 4.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company's stock valued at $293,000 after purchasing an additional 105 shares in the last quarter. Finally, D.A. Davidson & CO. raised its holdings in shares of Cloudflare by 0.5% during the fourth quarter. D.A. Davidson & CO. now owns 21,075 shares of the company's stock valued at $2,269,000 after purchasing an additional 106 shares during the period. Institutional investors own 82.68% of the company's stock.

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Cloudflare Price Performance

NYSE:NET traded down $0.34 during trading hours on Friday, hitting $105.16. The stock had a trading volume of 1,294,646 shares, 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 one year low of $66.24 and a one year high of $177.37. The company has a 50 day simple moving average of $132.54 and a two-hundred day simple moving average of $113.34. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) 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%. Research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 2,481 shares of the company's stock in a transaction 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 completion of the transaction, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 2,311 shares of Cloudflare stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the sale, the chief executive officer now directly owns 413,413 shares of the company's stock, valued at approximately $44,545,250.75. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 561,973 shares of company stock worth $73,056,260. Insiders own 12.83% of the company's stock.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of research reports. Royal Bank of Canada reduced their price objective on Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company upped their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Monday, January 27th. Bank of America raised shares of Cloudflare from an "underperform" rating to a "buy" rating and raised their price target for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. DZ Bank lowered shares of Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price objective for the company. in a research note on Tuesday, February 11th. Finally, Needham & Company LLC reduced their target price on Cloudflare from $185.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Cloudflare presently has a consensus rating of "Hold" and an average price target of $134.88.

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.