Cloudflare, Inc. (NYSE:NET) Stock Position Lowered by First Trust Advisors LP

First Trust Advisors LP reduced its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 5.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,377,343 shares of the company's stock after selling 301,965 shares during the quarter. Cloudflare accounts for approximately 0.5% of First Trust Advisors LP's portfolio, making the stock its 25th largest holding. First Trust Advisors LP owned 1.57% of Cloudflare worth $579,032,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Larson Financial Group LLC grew its position in shares of Cloudflare by 1,988.5% in the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company's stock valued at $58,000 after purchasing an additional 517 shares during the last quarter. Versant Capital Management Inc grew its holdings in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company's stock valued at $59,000 after buying an additional 170 shares during the last quarter. GAMMA Investing LLC increased its position in Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company's stock worth $63,000 after buying an additional 217 shares in the last quarter. Sava Infond d.o.o. acquired a new position in shares of Cloudflare in the fourth quarter worth $65,000. Finally, Whittier Trust Co. lifted its position in shares of Cloudflare by 120.5% in the fourth quarter. Whittier Trust Co. now owns 602 shares of the company's stock valued at $65,000 after acquiring an additional 329 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares of the company's stock, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the sale, the chief operating officer now owns 172,959 shares in the company, valued at approximately $21,403,676.25. This represents a 12.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 522,613 shares of company stock worth $67,732,853. 12.83% of the stock is owned by company insiders.

Cloudflare Stock Performance

Shares of Cloudflare stock traded up $5.74 on Thursday, reaching $118.54. 1,542,167 shares of the company were exchanged, compared to its average volume of 3,980,986. The firm has a market cap of $40.90 billion, a price-to-earnings ratio of -538.93 and a beta of 1.59. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. 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 company's 50-day moving average is $122.77 and its two-hundred day moving average is $114.76.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Piper Sandler cut their price objective on shares of Cloudflare from $131.00 to $112.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Guggenheim boosted their price target on Cloudflare from $57.00 to $68.00 and gave the stock a "sell" rating in a research report on Friday, February 7th. The Goldman Sachs Group lowered their price objective on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Robert W. Baird restated a "neutral" rating and issued a $140.00 target price (up from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Finally, Truist Financial raised their price target on shares of Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cloudflare has an average rating of "Hold" and an average target price of $134.84.

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.