Westwood Holdings Group Inc. Trims Stake in Cloudflare, Inc. (NYSE:NET)

Westwood Holdings Group Inc. trimmed its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 28.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,396 shares of the company's stock after selling 4,428 shares during the period. Westwood Holdings Group Inc.'s holdings in Cloudflare were worth $1,227,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NET. UBS Group increased their price target on Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Morgan Stanley increased their price objective on shares of Cloudflare from $144.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Cantor Fitzgerald increased their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Finally, The Goldman Sachs Group lowered their price target on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a report on Friday, March 14th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $141.79.

Cloudflare Stock Down 0.2%

Shares of NYSE NET opened at $157.26 on Wednesday. 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 company has a market cap of $54.27 billion, a P/E ratio of -714.82 and a beta of 1.78. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The firm has a 50-day simple moving average of $120.03 and a two-hundred day simple moving average of $120.89.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.16 EPS 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 business's revenue was up 26.5% compared to the same quarter last year. During the same period last year, the business posted $0.16 earnings per share. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total transaction of $5,284,497.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $124.16, for a total transaction 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. Over the last three months, insiders have sold 529,199 shares of company stock valued at $68,401,233. 12.83% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.