Cloudflare, Inc. (NYSE:NET) Position Trimmed by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC reduced its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 655,725 shares of the company's stock after selling 30,956 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned 0.19% of Cloudflare worth $70,608,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Groupama Asset Managment acquired a new stake in Cloudflare during the 4th quarter worth $269,200,000. Norges Bank purchased a new position in Cloudflare in the 4th quarter worth approximately $249,544,000. American Century Companies Inc. boosted its holdings in shares of Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. Invesco Ltd. grew its position in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock valued at $116,178,000 after purchasing an additional 804,059 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings 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 valued at $94,660,000 after purchasing an additional 720,568 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Price Performance

NET traded up $6.06 on Thursday, hitting $118.86. 2,603,723 shares of the company were exchanged, compared to its average volume of 3,185,554. The business's fifty day moving average is $122.77 and its 200 day moving average is $114.76. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm has a market capitalization of $41.02 billion, a P/E ratio of -540.27 and a beta of 1.59.

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 analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In other news, CAO Janel Riley sold 4,327 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares of the company's stock, valued at $12,519,384.80. This represents a 5.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total value of $5,284,497.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 522,613 shares of company stock valued at $67,732,853. 12.83% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Truist Financial boosted their target price on shares of Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. UBS Group decreased their price objective on shares of Cloudflare from $165.00 to $135.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada cut their target price on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Citigroup upgraded shares of Cloudflare from a "neutral" rating to a "buy" rating and upped their target price for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. Finally, The Goldman Sachs Group lowered their price target on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a report on Friday, March 14th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $134.84.

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.