OVERSEA CHINESE BANKING Corp Ltd Lowers Stock Position in Cloudflare, Inc. (NYSE:NET)

OVERSEA CHINESE BANKING Corp Ltd lowered its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 57.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,088 shares of the company's stock after selling 2,850 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Cloudflare were worth $231,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Xponance Inc. raised its position in shares of Cloudflare by 6.1% in the fourth quarter. Xponance Inc. now owns 55,406 shares of the company's stock valued at $5,966,000 after buying an additional 3,210 shares during the last quarter. Intech Investment Management LLC grew its stake in Cloudflare by 4.9% during the 4th quarter. Intech Investment Management LLC now owns 14,242 shares of the company's stock valued at $1,534,000 after acquiring an additional 661 shares in the last quarter. Generali Asset Management SPA SGR acquired a new stake in Cloudflare in the 4th quarter valued at about $1,133,000. Evoke Wealth LLC purchased a new position in Cloudflare in the 4th quarter worth approximately $240,000. Finally, Axxcess Wealth Management LLC acquired a new position in shares of Cloudflare during the 4th quarter worth approximately $234,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Transactions at Cloudflare

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the chief financial officer now owns 293,582 shares in the company, valued at $35,229,840. This represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 566,766 shares of company stock valued at $73,779,200. 12.83% of the stock is currently owned by corporate insiders.

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Cloudflare Stock Up 2.6 %

Shares of NET traded up $3.23 during mid-day trading on Tuesday, hitting $127.16. 6,069,582 shares of the company's stock were exchanged, compared to its average volume of 3,026,295. The stock's 50-day moving average is $137.01 and its 200-day moving average is $110.56. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The company has a market cap of $43.88 billion, a price-to-earnings ratio of -578.00 and a beta of 1.27.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) 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, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Cantor Fitzgerald increased their price target on Cloudflare from $111.00 to $149.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Susquehanna lifted their price target on Cloudflare from $95.00 to $170.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Baird R W lowered shares of Cloudflare from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Robert W. Baird restated a "neutral" rating and set a $140.00 price objective (up from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group decreased their target price on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $135.64.

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.