Trek Financial LLC Sells 57,385 Shares of Cloudflare, Inc. (NYSE:NET)

Trek Financial LLC lowered its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 71.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,123 shares of the company's stock after selling 57,385 shares during the quarter. Trek Financial LLC's holdings in Cloudflare were worth $2,490,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD lifted its position in Cloudflare by 100.7% during the 4th quarter. Polymer Capital Management HK LTD now owns 12,541 shares of the company's stock worth $1,350,000 after buying an additional 6,291 shares in the last quarter. Sepio Capital LP lifted its position in shares of Cloudflare by 4.2% during the fourth quarter. Sepio Capital LP now owns 28,356 shares of the company's stock worth $3,053,000 after purchasing an additional 1,140 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Cloudflare by 169.4% during the fourth quarter. Russell Investments Group Ltd. now owns 181,293 shares of the company's stock valued at $19,566,000 after purchasing an additional 113,986 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Cloudflare by 21.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 200,514 shares of the company's stock worth $21,591,000 after purchasing an additional 34,765 shares during the last quarter. Finally, Aviva PLC lifted its holdings in Cloudflare by 1.2% during the 4th quarter. Aviva PLC now owns 11,560 shares of the company's stock worth $1,245,000 after buying an additional 133 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

Several research firms have recently commented on NET. UBS Group lowered their target price on Cloudflare from $165.00 to $135.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Piper Sandler dropped their price objective on Cloudflare from $131.00 to $112.00 and set a "neutral" rating for the company in a report on Tuesday. Mizuho reduced their target price on shares of Cloudflare from $160.00 to $140.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. Finally, Scotiabank raised their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a "sector perform" rating in a research note on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $134.88.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company'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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 33,864 shares of the firm's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $119.40, for a total value of $4,043,361.60. Following the sale, the chief financial officer now directly owns 252,869 shares of the company's stock, valued at $30,192,558.60. This represents a 11.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 561,973 shares of company stock valued at $73,056,260. Insiders own 12.83% of the company's stock.

Cloudflare Stock Up 0.4 %

NYSE NET traded up $0.44 during trading on Friday, hitting $105.94. The stock had a trading volume of 3,131,743 shares, compared to its average volume of 3,186,799. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month 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 company's 50-day moving average price is $132.54 and its two-hundred day moving average price is $113.34. The company has a market capitalization of $36.56 billion, a PE ratio of -481.56 and a beta of 1.59.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data 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 forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.