Cloudflare, Inc. (NYSE:NET) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Cloudflare, Inc. (NYSE:NET) by 7.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,475,823 shares of the company’s stock after selling 123,645 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.43% of Cloudflare worth $158,917,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. CVA Family Office LLC increased its holdings in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Cloudflare during the third quarter valued at approximately $38,000. Quarry LP grew its holdings in Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares in the last quarter. Quest Partners LLC acquired a new stake in Cloudflare in the 3rd quarter valued at approximately $54,000. Finally, Versant Capital Management Inc raised its stake in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NET opened at $166.88 on Friday. 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 company has a market capitalization of $57.27 billion, a price-to-earnings ratio of -641.83 and a beta of 1.12. The business’s 50-day moving average is $117.55 and its 200-day moving average is $96.24. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $171.38.

Cloudflare (NYSE:NET) last released its earnings results 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 7.18% and a negative net margin of 5.97%. Equities research analysts expect that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NET has been the topic of a number of recent analyst reports. Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. The Goldman Sachs Group upped their price target on shares of Cloudflare from $140.00 to $183.00 and gave the stock a “buy” rating in a research note on Friday. Scotiabank boosted their target price on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Oppenheimer downgraded Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Stifel Nicolaus boosted their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $128.48.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the completion of the sale, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $17,115,283.62. This trade represents a 21.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $136.63, for a total value of $2,049,450.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $34,549,491.47. This represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 633,738 shares of company stock valued at $69,632,506. Insiders own 12.83% of the company’s stock.

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.