Intech Investment Management LLC Decreases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Intech Investment Management LLC lowered its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 46.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,581 shares of the company's stock after selling 11,788 shares during the period. Intech Investment Management LLC's holdings in Cloudflare were worth $1,099,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of NET. Allspring Global Investments Holdings LLC lifted its holdings in shares of Cloudflare by 13.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company's stock valued at $80,000 after purchasing an additional 119 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its holdings in shares of Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company's stock valued at $2,253,000 after purchasing an additional 136 shares during the last quarter. OneDigital Investment Advisors LLC lifted its holdings in shares of Cloudflare by 3.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $327,000 after purchasing an additional 137 shares during the last quarter. Quarry LP lifted its holdings in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company's stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Finally, Forum Financial Management LP lifted its holdings in shares of Cloudflare by 6.1% during the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company's stock valued at $234,000 after purchasing an additional 162 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Cloudflare Price Performance

Shares of NYSE:NET traded down $2.86 during trading on Thursday, reaching $99.37. 2,340,028 shares of the company's stock traded hands, compared to its average volume of 3,178,518. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $116.00. 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 firm has a market cap of $34.10 billion, a PE ratio of -382.23 and a beta of 1.10. The company has a 50-day simple moving average of $89.57 and a 200-day simple moving average of $82.10.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts' consensus estimates 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 analysts' expectations of $423.65 million. As a group, analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In related news, Director Maria S. Eitel sold 6,875 shares of the firm's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.00, for a total value of $605,000.00. Following the transaction, the director now directly owns 5,927 shares of the company's stock, valued at approximately $521,576. This trade represents a 53.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the transaction, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 606,952 shares of company stock valued at $53,078,202. 12.83% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on NET shares. Cantor Fitzgerald increased their price objective on Cloudflare from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Friday, August 2nd. BNP Paribas began coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 target price on the stock. Mizuho upped their target price on Cloudflare from $92.00 to $105.00 and gave the company a "neutral" rating in a research report on Thursday, October 17th. Guggenheim upped their target price on Cloudflare from $50.00 to $57.00 and gave the company a "sell" rating in a research report on Friday, August 2nd. Finally, UBS Group upped their target price on Cloudflare from $88.00 to $95.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $92.88.

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.