Kayne Anderson Rudnick Investment Management LLC Has $70.61 Million Position in Cloudflare, Inc. (NYSE:NET)

Kayne Anderson Rudnick Investment Management LLC cut its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 4.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 655,725 shares of the company's stock after selling 30,956 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 0.19% of Cloudflare worth $70,608,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Advisory Resource Group grew its stake in Cloudflare by 1.6% in the third quarter. Advisory Resource Group now owns 12,611 shares of the company's stock valued at $1,020,000 after acquiring an additional 195 shares during the period. Virtu Financial LLC bought a new stake in Cloudflare during the 3rd quarter worth approximately $1,268,000. Sanctuary Advisors LLC increased its stake in Cloudflare by 37.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 14,133 shares of the company's stock worth $1,143,000 after purchasing an additional 3,835 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Cloudflare during the 3rd quarter worth approximately $204,000. Finally, Tidal Investments LLC boosted its holdings in shares of Cloudflare by 18.0% in the third quarter. Tidal Investments LLC now owns 23,238 shares of the company's stock valued at $1,880,000 after buying an additional 3,550 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Price Performance

Shares of NYSE NET traded up $2.16 during midday trading on Friday, reaching $121.03. The company's stock had a trading volume of 2,594,194 shares, compared to its average volume of 3,188,386. The company has a market cap of $41.76 billion, a P/E ratio of -550.14 and a beta of 1.59. 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 business's 50 day moving average price is $120.78 and its two-hundred day moving average price is $115.30. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37.

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

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total transaction of $5,284,497.92. The disclosure for this sale can be found here. Insiders sold a total of 496,973 shares of company stock worth $64,559,903 over the last three months. Corporate insiders own 12.83% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on NET. JMP Securities boosted their price objective on shares of Cloudflare from $135.00 to $180.00 and gave the company a "market outperform" rating in a research report on Friday, February 7th. JPMorgan Chase & Co. upped their price objective on Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Robert W. Baird reissued a "neutral" rating and issued a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. DZ Bank cut shares of Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target for the company. in a research note on Tuesday, February 11th. Finally, Morgan Stanley reduced their price target on Cloudflare from $154.00 to $144.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Three 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. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $134.84.

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.