Cresset Asset Management LLC Cuts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Cresset Asset Management LLC trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 50.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,037 shares of the company's stock after selling 10,190 shares during the period. Cresset Asset Management LLC's holdings in Cloudflare were worth $1,081,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Hartline Investment Corp boosted its holdings in shares of Cloudflare by 1.5% during the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company's stock worth $28,464,000 after purchasing an additional 3,957 shares during the period. Birchcreek Wealth Management LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $215,000. Strategic Blueprint LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $265,000. Clarendon Private LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $293,000. Finally, Savant Capital LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $237,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Stock Up 6.5%

Shares of NYSE NET opened at $132.42 on Monday. 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 firm has a market capitalization of $45.69 billion, a price-to-earnings ratio of -601.91 and a beta of 1.78. The stock has a 50 day moving average price of $116.02 and a 200 day moving average price of $117.96. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The firm's quarterly revenue was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 EPS. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michelle Zatlyn sold 35,099 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $164.84, for a total transaction of $5,785,719.16. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $124.16, for a total value of $372,480.00. Following the transaction, the insider now directly owns 185,406 shares in the company, valued at approximately $23,020,008.96. The trade was a 1.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 492,492 shares of company stock worth $63,757,685 over the last 90 days. Company insiders own 12.83% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NET shares. Cantor Fitzgerald increased their target price on shares of Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Needham & Company LLC increased their price target on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research note on Friday. Piper Sandler reissued a "neutral" rating and issued a $151.00 price target (up from $112.00) on shares of Cloudflare in a research note on Friday. Baird R W downgraded shares of Cloudflare from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Finally, JMP Securities increased their price target on shares of Cloudflare from $135.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Friday, February 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $142.57.

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.

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