Peregrine Capital Management LLC Decreases Stock Position in Cloudflare, Inc. (NYSE:NET)

Peregrine Capital Management LLC trimmed its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 557,893 shares of the company's stock after selling 21,193 shares during the period. Cloudflare makes up approximately 1.4% of Peregrine Capital Management LLC's investment portfolio, making the stock its 16th largest holding. Peregrine Capital Management LLC owned 0.17% of Cloudflare worth $46,450,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of NET. Moneta Group Investment Advisors LLC lifted its holdings in shares of Cloudflare by 131,133.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company's stock valued at $274,583,000 after purchasing an additional 6,068,873 shares in the last quarter. Norges Bank bought a new stake in shares of Cloudflare in the fourth quarter valued at about $124,592,000. 1832 Asset Management L.P. raised its holdings in Cloudflare by 315.1% during the first quarter. 1832 Asset Management L.P. now owns 1,888,400 shares of the company's stock worth $116,439,000 after acquiring an additional 1,433,500 shares in the last quarter. Two Sigma Investments LP raised its holdings in Cloudflare by 215.1% during the first quarter. Two Sigma Investments LP now owns 1,344,914 shares of the company's stock worth $82,927,000 after acquiring an additional 918,096 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Cloudflare by 2.4% during the first quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company's stock worth $2,795,953,000 after acquiring an additional 548,149 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cloudflare

In other news, Director Carl Ledbetter sold 7,970 shares of the stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $82.35, for a total value of $656,329.50. Following the completion of the transaction, the director now directly owns 1,569,530 shares in the company, valued at approximately $129,250,795.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Carl Ledbetter sold 7,970 shares of the stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $82.35, for a total value of $656,329.50. Following the completion of the transaction, the director now directly owns 1,569,530 shares in the company, valued at approximately $129,250,795.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 277,376 shares of the firm's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $101.17, for a total value of $28,062,129.92. Following the transaction, the chief operating officer now directly owns 38,545 shares of the company's stock, valued at $3,899,597.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 972,985 shares of company stock valued at $93,393,755. 14.80% of the stock is currently owned by corporate insiders.

Cloudflare Price Performance

Shares of NET stock traded up $1.67 during trading hours on Tuesday, reaching $97.00. The company's stock had a trading volume of 2,050,165 shares, compared to its average volume of 3,945,073. The firm's 50 day simple moving average is $95.59 and its 200-day simple moving average is $80.39. The company has a market capitalization of $32.75 billion, a price-to-earnings ratio of -176.36 and a beta of 1.13. Cloudflare, Inc. has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Analysts Set New Price Targets

NET has been the topic of several analyst reports. Mizuho upped their target price on Cloudflare from $73.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, February 9th. DZ Bank lowered Cloudflare from a "buy" rating to a "hold" rating and set a $110.00 target price on the stock. in a report on Tuesday, February 13th. JPMorgan Chase & Co. upped their target price on Cloudflare from $53.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, February 9th. Truist Financial upped their price objective on Cloudflare from $90.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, February 9th. Finally, JMP Securities upped their price objective on Cloudflare from $75.00 to $90.00 and gave the company a "market outperform" rating in a research note on Wednesday, January 31st. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $87.50.

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.