QRG Capital Management Inc. Reduces Holdings in Cloudflare, Inc. (NYSE:NET)

QRG Capital Management Inc. cut its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 8.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,628 shares of the company's stock after selling 12,761 shares during the period. QRG Capital Management Inc.'s holdings in Cloudflare were worth $11,043,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC bought a new stake in Cloudflare in the fourth quarter worth approximately $39,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Cloudflare by 1,976.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company's stock valued at $45,000 after acquiring an additional 514 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Cloudflare by 98.7% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company's stock worth $50,000 after acquiring an additional 296 shares in the last quarter. ORG Partners LLC bought a new position in Cloudflare during the fourth quarter worth $55,000. Finally, Harvest Fund Management Co. Ltd increased its stake in Cloudflare by 2,422.9% in the third quarter. Harvest Fund Management Co. Ltd now owns 883 shares of the company's stock valued at $56,000 after purchasing an additional 848 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NET has been the topic of a number of research analyst reports. Robert W. Baird cut their price objective on shares of Cloudflare from $100.00 to $94.00 and set an "outperform" rating on the stock in a research report on Friday, May 3rd. Needham & Company LLC reissued a "buy" rating and issued a $135.00 price objective on shares of Cloudflare in a research note on Friday, May 3rd. Royal Bank of Canada boosted their price objective on Cloudflare from $95.00 to $108.00 and gave the company an "outperform" rating in a report on Friday, February 9th. Truist Financial increased their target price on Cloudflare from $90.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, February 9th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Cloudflare from $90.00 to $80.00 and set a "neutral" rating for the company in a research note on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $90.57.

Cloudflare Stock Performance

NYSE:NET traded down $1.42 during trading on Friday, reaching $71.92. The company's stock had a trading volume of 2,949,349 shares, compared to its average volume of 4,103,924. Cloudflare, Inc. has a 12 month low of $48.19 and a 12 month high of $116.00. The firm has a market cap of $24.28 billion, a price-to-earnings ratio of -135.70 and a beta of 1.15. The firm has a 50 day moving average of $91.12 and a 200-day moving average of $84.23. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Research analysts expect that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 277,376 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the sale, the chief operating officer now owns 38,545 shares in the company, valued at approximately $3,899,597.65. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $99.64, for a total transaction of $298,920.00. Following the sale, the insider now directly owns 205,238 shares of the company's stock, valued at $20,449,914.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Michelle Zatlyn sold 277,376 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the transaction, the chief operating officer now owns 38,545 shares of the company's stock, valued at approximately $3,899,597.65. The disclosure for this sale can be found here. Insiders have sold a total of 1,115,298 shares of company stock worth $104,795,772 over the last three months. 12.83% of the stock is currently owned by 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.