Cloudflare, Inc. $NET Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management trimmed its Cloudflare stake by 7.1% in Q4, selling 89,908 shares and leaving 1,175,479 shares (about 0.34% of the company) valued at $231.84 million.
• Significant insider selling: insider Michelle Zatlyn sold 25,641 shares under a Rule 10b5‑1 plan at about $209.15 (~$5.36M), and insiders have sold 624,247 shares (~$122.1M) over the last 90 days while still owning 10.89% of the stock.
• Analyst view and recent results: the stock carries a consensus "Moderate Buy" with a $232.62 target, and Cloudflare recently beat revenue and EPS estimates (revenue $614.5M, +33.6% YoY; EPS $0.28) with a market cap of $72.96B.

Pictet Asset Management Holding SA trimmed its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 7.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,175,479 shares of the company's stock after selling 89,908 shares during the period. Pictet Asset Management Holding SA owned 0.34% of Cloudflare worth $231,838,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NET. Physician Wealth Advisors Inc. grew its stake in Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company's stock worth $26,000 after purchasing an additional 104 shares in the last quarter. Wiser Advisor Group LLC acquired a new position in Cloudflare in the third quarter worth about $26,000. Westside Investment Management Inc. grew its stake in Cloudflare by 100.0% in the third quarter. Westside Investment Management Inc. now owns 130 shares of the company's stock worth $28,000 after purchasing an additional 65 shares in the last quarter. ORG Wealth Partners LLC grew its stake in Cloudflare by 101.4% in the third quarter. ORG Wealth Partners LLC now owns 139 shares of the company's stock worth $30,000 after purchasing an additional 70 shares in the last quarter. Finally, Wexford Capital LP acquired a new position in Cloudflare in the third quarter worth about $30,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on NET. UBS Group reiterated a "neutral" rating and issued a $220.00 price target on shares of Cloudflare in a research note on Wednesday, February 11th. Royal Bank Of Canada lifted their price target on Cloudflare from $230.00 to $240.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 11th. TD Cowen reiterated a "buy" rating on shares of Cloudflare in a research note on Tuesday, January 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cloudflare in a research note on Monday, April 20th. Finally, Morgan Stanley set a $245.00 price target on Cloudflare in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $232.62.

Insider Activity

In related news, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $209.15, for a total transaction of $5,362,815.15. Following the sale, the insider owned 34,514 shares of the company's stock, valued at $7,218,603.10. The trade was a 42.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark J. Hawkins sold 133 shares of the business's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $209.60, for a total value of $27,876.80. Following the sale, the director directly owned 10,322 shares in the company, valued at approximately $2,163,491.20. The trade was a 1.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 624,247 shares of company stock valued at $122,080,874 over the last 90 days. Corporate insiders own 10.89% of the company's stock.

Cloudflare Stock Performance

NET opened at $207.29 on Monday. The business's 50 day moving average is $198.63 and its 200-day moving average is $200.31. The stock has a market cap of $72.96 billion, a PE ratio of -714.77 and a beta of 1.87. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35. Cloudflare, Inc. has a twelve month low of $117.07 and a twelve month high of $260.00.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The firm had revenue of $614.51 million for the quarter, compared to analysts' expectations of $591.67 million. During the same quarter in the previous year, the company earned $0.19 earnings per share. The firm's quarterly revenue was up 33.6% compared to the same quarter last year. On average, analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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