Swiss National Bank Sells 33,900 Shares of Cloudflare, Inc. (NYSE:NET)

Swiss National Bank decreased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 859,700 shares of the company's stock after selling 33,900 shares during the quarter. Swiss National Bank owned about 0.25% of Cloudflare worth $92,572,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Sequoia Financial Advisors LLC increased its position in Cloudflare by 30.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,649 shares of the company's stock valued at $393,000 after acquiring an additional 850 shares during the period. Miller Financial Services LLC acquired a new position in shares of Cloudflare during the fourth quarter valued at $445,000. Clare Market Investments LLC bought a new stake in shares of Cloudflare during the fourth quarter valued at about $702,000. Independent Advisor Alliance lifted its holdings in Cloudflare by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 28,292 shares of the company's stock worth $3,046,000 after purchasing an additional 130 shares during the period. Finally, Daiwa Securities Group Inc. grew its position in Cloudflare by 3.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 23,552 shares of the company's stock valued at $2,536,000 after buying an additional 800 shares in the last quarter. Institutional investors own 82.68% of the company's stock.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the completion of the transaction, the chief executive officer now owns 413,413 shares of the company's stock, valued at approximately $59,961,421.52. The trade was a 11.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now owns 74,698 shares of the company's stock, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 504,382 shares of company stock valued at $66,194,115. Insiders own 12.83% of the company's stock.

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Cloudflare Stock Up 2.1 %

NYSE:NET traded up $2.36 during mid-day trading on Wednesday, reaching $117.48. The stock had a trading volume of 2,974,163 shares, compared to its average volume of 3,013,231. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a market cap of $40.54 billion, a P/E ratio of -534.02 and a beta of 1.27. The business's 50 day moving average is $136.54 and its 200 day moving average is $109.42. 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 released its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (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%. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NET. Oppenheimer cut shares of Cloudflare from an "outperform" rating to a "market perform" rating in a report on Friday, February 7th. Baird R W cut Cloudflare from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Piper Sandler decreased their target price on Cloudflare from $153.00 to $131.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Mizuho reduced their price objective on shares of Cloudflare from $160.00 to $140.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Finally, UBS Group dropped their target price 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. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $130.04.

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.