Global Wealth Management Investment Advisory Inc. Trims Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Global Wealth Management Investment Advisory Inc. reduced its stake in Cloudflare, Inc. (NYSE:NET) by 4.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 17,256 shares of the company’s stock after selling 838 shares during the period. Global Wealth Management Investment Advisory Inc.’s holdings in Cloudflare were worth $1,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. CVA Family Office LLC boosted its stake in 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 purchasing an additional 171 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare in the third quarter worth about $38,000. Quarry LP boosted its position in shares of Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares during the period. Quest Partners LLC purchased a new position in Cloudflare during the third quarter valued at approximately $54,000. Finally, Versant Capital Management Inc increased its holdings in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Trading Up 17.9 %

Shares of NET opened at $166.88 on Monday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $171.38. 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 firm has a fifty day simple moving average of $118.89 and a two-hundred day simple moving average of $97.11.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share 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 predict that Cloudflare, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on NET. Robert W. Baird reissued a “neutral” rating and issued a $140.00 price target (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Truist Financial boosted their target price on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Jefferies Financial Group upped their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Morgan Stanley lifted their price target on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Finally, UBS Group upped their price objective on shares of Cloudflare from $130.00 to $165.00 and gave the stock a “neutral” rating in a research report on Friday. Three investment 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’s stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Hold” and an average price target of $128.48.

Insider Activity

In related news, COO Michelle Zatlyn sold 35,118 shares of Cloudflare stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the sale, the chief operating officer now directly owns 172,959 shares in the company, valued at $18,212,582.70. The trade was a 16.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the sale, the chief executive officer now directly owns 192,177 shares in the company, valued at approximately $18,370,199.43. The trade was a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 633,738 shares of company stock valued at $69,632,506. Corporate insiders own 12.83% of the company’s stock.

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.