First Trust Advisors LP Trims Position in Cloudflare, Inc. (NYSE:NET)

First Trust Advisors LP lessened its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 5.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,377,343 shares of the company's stock after selling 301,965 shares during the period. Cloudflare accounts for 0.5% of First Trust Advisors LP's portfolio, making the stock its 25th largest holding. First Trust Advisors LP owned 1.57% of Cloudflare worth $579,032,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. CreativeOne Wealth LLC lifted its holdings in shares of Cloudflare by 0.8% during the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock worth $752,000 after buying an additional 58 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in Cloudflare by 1.2% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after purchasing an additional 77 shares during the last quarter. Atomi Financial Group Inc. increased its holdings in shares of Cloudflare by 3.3% during the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock worth $319,000 after purchasing an additional 94 shares during the period. Baxter Bros Inc. lifted its stake in shares of Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after buying an additional 100 shares during the period. Finally, Chicago Partners Investment Group LLC increased its stake in Cloudflare by 4.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company's stock valued at $293,000 after acquiring an additional 105 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NET has been the topic of a number of research reports. Piper Sandler lowered their price objective on Cloudflare from $131.00 to $112.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Stifel Nicolaus increased their price objective on shares of Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Truist Financial upped their target price on shares of Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Guggenheim upped their price objective on Cloudflare from $57.00 to $68.00 and gave the company a "sell" rating in a research note on Friday, February 7th. Finally, Needham & Company LLC cut their target price on Cloudflare from $185.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Cloudflare has an average rating of "Hold" and an average price target of $134.84.

Insider Buying and Selling at Cloudflare

In other news, insider Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $107.29, for a total transaction of $2,750,915.60. Following the sale, the insider now directly owns 413,413 shares in the company, valued at $44,355,080.77. This represents a 5.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were 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 approximately $59,279,290.07. The trade was a 11.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 548,253 shares of company stock worth $70,819,909. Insiders own 12.83% of the company's stock.

Cloudflare Trading Up 4.7 %

Shares of Cloudflare stock traded up $4.80 during midday trading on Tuesday, reaching $106.91. The company had a trading volume of 2,475,585 shares, compared to its average volume of 3,176,382. The firm has a market cap of $36.89 billion, a PE ratio of -485.95 and a beta of 1.59. The stock has a fifty day moving average price of $125.32 and a 200 day moving average price of $114.83. 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, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly 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 net margin of 4.72% and a negative return on equity of 5.52%. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.