GraniteShares Advisors LLC Cuts Position in Cloudflare, Inc. (NYSE:NET)

GraniteShares Advisors LLC lessened its holdings in Cloudflare, Inc. (NYSE:NET) by 25.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,816 shares of the company’s stock after selling 2,005 shares during the quarter. GraniteShares Advisors LLC’s holdings in Cloudflare were worth $626,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of NET. Capital Performance Advisors LLP purchased a new stake in Cloudflare in the third quarter worth about $38,000. Quarry LP grew its holdings in Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares during the period. Quest Partners LLC purchased a new stake in Cloudflare in the third quarter worth about $54,000. Versant Capital Management Inc grew its holdings in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after purchasing an additional 217 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NET. Wells Fargo & Company upped their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. Jefferies Financial Group upped their target price on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Guggenheim upped their target price on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research note on Friday, February 7th. Morgan Stanley upped their target price on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Finally, Baird R W downgraded shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Cloudflare presently has an average rating of “Hold” and an average price target of $136.28.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $109.90, for a total transaction of $1,648,500.00. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $27,790,303.10. This trade represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 533,278 shares of company stock valued at $66,134,227 over the last three months. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Down 3.2 %

NET opened at $143.22 on Wednesday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a market capitalization of $49.15 billion, a PE ratio of -651.01 and a beta of 1.12. The firm’s 50 day simple moving average is $131.29 and its two-hundred day simple moving average is $104.42.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (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, equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Cloudflare Company Profile

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.