Cloudflare, Inc. (NYSE:NET) Shares Sold by Two Sigma Advisers LP

Two Sigma Advisers LP trimmed its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 90.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,000 shares of the company's stock after selling 826,100 shares during the period. Two Sigma Advisers LP's holdings in Cloudflare were worth $9,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. CreativeOne Wealth LLC increased its position in shares of Cloudflare by 0.8% in the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after acquiring an additional 58 shares during the period. Stratos Wealth Partners LTD. grew its position in Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after purchasing an additional 77 shares during the period. Atomi Financial Group Inc. grew its position in Cloudflare by 3.3% during the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock worth $319,000 after purchasing an additional 94 shares during the period. Baxter Bros Inc. grew its position in Cloudflare by 3.8% during the 4th quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock worth $296,000 after purchasing an additional 100 shares during the period. Finally, Ellevest Inc. grew its position in Cloudflare by 2.3% during the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company's stock worth $489,000 after purchasing an additional 102 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 2,311 shares of Cloudflare stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $107.75, for a total value of $249,010.25. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company's stock, valued at approximately $44,545,250.75. The trade was a 0.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $156.72, for a total transaction of $4,018,300.80. Following the completion of the transaction, the insider now directly owns 6,390 shares of the company's stock, valued at $1,001,440.80. This trade represents a 80.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 511,913 shares of company stock valued at $66,395,593. Insiders own 12.83% of the company's stock.

Cloudflare Trading Up 0.2%

NYSE NET traded up $0.28 during mid-day trading on Wednesday, reaching $162.04. 740,498 shares of the stock were exchanged, compared to its average volume of 3,149,882. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The business's fifty day simple moving average is $124.25 and its 200 day simple moving average is $123.24. The stock has a market capitalization of $55.92 billion, a PE ratio of -736.42 and a beta of 1.78. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm 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 business's quarterly revenue was up 26.5% on a year-over-year basis. During the same period last year, the firm earned $0.16 EPS. On average, research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on NET. Jefferies Financial Group cut their price target on Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a research report on Friday, May 9th. JPMorgan Chase & Co. increased their target price on shares of Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. The Goldman Sachs Group lowered their target price on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. UBS Group increased their target price on shares of Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Finally, Bank of America raised shares of Cloudflare from an "underperform" rating to a "buy" rating and increased their target price for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $141.79.

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.