Fred Alger Management LLC Lowers Holdings in Cloudflare, Inc. (NYSE:NET)

Fred Alger Management LLC decreased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 67.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,695 shares of the company's stock after selling 205,023 shares during the period. Fred Alger Management LLC's holdings in Cloudflare were worth $7,903,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. CVA Family Office LLC raised its stake in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company's stock valued at $25,000 after acquiring an additional 171 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare in the 2nd quarter worth about $29,000. Quarry LP lifted its stake in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company's stock worth $29,000 after purchasing an additional 146 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company's stock valued at $38,000 after buying an additional 421 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Cloudflare during the third quarter valued at approximately $38,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares of the company's stock, valued at $15,114,520.58. This represents a 1.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michelle Zatlyn sold 64,100 shares of Cloudflare stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the sale, the chief operating officer now directly owns 192,177 shares of the company's stock, valued at approximately $15,681,643.20. This represents a 25.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 606,952 shares of company stock worth $53,078,202. Insiders own 12.83% of the company's stock.

Cloudflare Stock Up 0.5 %

NYSE NET traded up $0.46 on Friday, hitting $99.83. The stock had a trading volume of 1,042,359 shares, compared to its average volume of 3,429,059. The business's fifty day moving average price is $90.25 and its 200 day moving average price is $82.47. The stock has a market cap of $34.26 billion, a price-to-earnings ratio of -383.96 and a beta of 1.10. 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 52-week low of $66.24 and a 52-week high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Equities research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NET. Scotiabank raised their price target on Cloudflare from $85.00 to $87.00 and gave the stock a "sector perform" rating in a research note on Friday, November 8th. UBS Group boosted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Mizuho raised their price target on shares of Cloudflare from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. BNP Paribas started coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on shares of Cloudflare from $105.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $92.88.

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.