Rockefeller Capital Management L.P. Trims Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Rockefeller Capital Management L.P. reduced its stake in Cloudflare, Inc. (NYSE:NET) by 4.3% during the 3rd quarter, Holdings Channel reports. The fund owned 55,169 shares of the company’s stock after selling 2,508 shares during the period. Rockefeller Capital Management L.P.’s holdings in Cloudflare were worth $4,463,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Northwest & Ethical Investments L.P. lifted its position in shares of Cloudflare by 66.7% in the third quarter. Northwest & Ethical Investments L.P. now owns 2,000 shares of the company’s stock valued at $162,000 after acquiring an additional 800 shares in the last quarter. CreativeOne Wealth LLC lifted its position in Cloudflare by 13.3% during the third quarter. CreativeOne Wealth LLC now owns 6,924 shares of the company’s stock worth $560,000 after buying an additional 811 shares during the period. Blueshift Asset Management LLC purchased a new position in Cloudflare during the third quarter worth about $3,209,000. Cynosure Group LLC purchased a new position in Cloudflare during the third quarter worth about $271,000. Finally, Townsquare Capital LLC lifted its position in Cloudflare by 3.1% during the third quarter. Townsquare Capital LLC now owns 41,920 shares of the company’s stock worth $3,391,000 after buying an additional 1,267 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NET has been the topic of several recent analyst reports. UBS Group increased their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Mizuho increased their target price on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. BNP Paribas started coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $92.00 to $130.00 in a report on Monday. Finally, Scotiabank raised their price objective on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $94.40.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 35,118 shares of the 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 transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at $18,212,582.70. This trade represents a 16.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 192,177 shares in the company, valued at approximately $18,370,199.43. This represents a 21.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 536,568 shares of company stock valued at $47,573,767 in the last quarter. Insiders own 12.83% of the company’s stock.

Cloudflare Price Performance

Shares of NYSE NET opened at $110.72 on Thursday. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $116.00. The business has a 50 day moving average price of $91.57 and a two-hundred day moving average price of $83.14. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $38.00 billion, a PE ratio of -425.85 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal 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.