Legal & General Group Plc Sells 625,606 Shares of Cloudflare, Inc. (NYSE:NET)

Legal & General Group Plc decreased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 15.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,498,099 shares of the company's stock after selling 625,606 shares during the quarter. Legal & General Group Plc owned 1.02% of Cloudflare worth $376,675,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in NET. Stratos Wealth Partners LTD. grew its position 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 during the period. Atomi Financial Group Inc. boosted its stake in Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock valued at $319,000 after acquiring an additional 94 shares during the last quarter. Baxter Bros Inc. boosted its stake in 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 acquiring an additional 100 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in Cloudflare by 4.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company's stock worth $293,000 after acquiring an additional 105 shares during the period. Finally, D.A. Davidson & CO. raised its position in shares of Cloudflare by 0.5% during the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company's stock valued at $2,269,000 after acquiring an additional 106 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

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Wall Street Analysts Forecast Growth

NET has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on Cloudflare from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Monday, January 27th. Citigroup upgraded shares of Cloudflare from a "neutral" rating to a "buy" rating and increased their price target for the company from $95.00 to $145.00 in a research report on Friday, January 17th. Oppenheimer initiated coverage on shares of Cloudflare in a report on Thursday, March 20th. They set an "outperform" rating and a $150.00 price objective for the company. Baird R W downgraded shares of Cloudflare from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Finally, Stifel Nicolaus lifted their price target on shares of Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $134.88.

Cloudflare Stock Up 0.4 %

Shares of Cloudflare stock traded up $0.44 during trading hours on Friday, reaching $105.94. 3,131,743 shares of the company's stock were exchanged, compared to its average volume of 3,189,531. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a 50 day moving average of $131.85 and a two-hundred day moving average of $113.71. The stock has a market cap of $36.56 billion, a P/E ratio of -481.56 and a beta of 1.59. 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 posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates 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, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total transaction of $5,284,497.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas James Kramer sold 2,481 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the sale, the insider now owns 175,688 shares of the company's stock, valued at approximately $23,131,082.08. This represents a 1.39 % 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.

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.