Victory Capital Management Inc. Has $6.48 Million Holdings in Cloudflare, Inc. (NYSE:NET)

Victory Capital Management Inc. reduced its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 29.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 77,817 shares of the company's stock after selling 32,312 shares during the period. Victory Capital Management Inc.'s holdings in Cloudflare were worth $6,479,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC bought a new stake in shares of Cloudflare during the 4th quarter valued at about $39,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Cloudflare by 1,976.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company's stock valued at $45,000 after purchasing an additional 514 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Cloudflare by 98.7% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company's stock worth $50,000 after purchasing an additional 296 shares during the period. ORG Partners LLC purchased a new stake in shares of Cloudflare in the fourth quarter worth $55,000. Finally, Harvest Fund Management Co. Ltd raised its holdings in Cloudflare by 2,422.9% in the third quarter. Harvest Fund Management Co. Ltd now owns 883 shares of the company's stock worth $56,000 after buying an additional 848 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

Insiders Place Their Bets

In other news, COO Michelle Zatlyn sold 277,376 shares of Cloudflare 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 transaction, the chief operating officer now directly owns 38,545 shares of the company's stock, valued at approximately $3,899,597.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO Michelle Zatlyn sold 277,376 shares of Cloudflare stock in a transaction dated 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 completion of the transaction, 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 through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the transaction, the chief executive officer now owns 230,612 shares in the company, valued at approximately $16,721,676.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,071,078 shares of company stock worth $100,366,697. Corporate insiders own 12.83% of the company's stock.

Cloudflare Stock Up 1.2 %

NET traded up $0.90 during midday trading on Wednesday, hitting $74.25. 2,725,921 shares of the company were exchanged, compared to its average volume of 3,876,045. The company's 50 day simple moving average is $90.13 and its 200 day simple moving average is $84.49. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare, Inc. has a 1-year low of $50.71 and a 1-year high of $116.00.

Wall Street Analyst Weigh In

NET has been the topic of several research analyst reports. Piper Sandler restated a "neutral" rating and set a $81.00 target price (down previously from $110.00) on shares of Cloudflare in a research note on Friday, May 3rd. Wells Fargo & Company dropped their target price on shares of Cloudflare from $125.00 to $105.00 and set an "overweight" rating for the company in a research report on Friday, May 3rd. Bank of America boosted their target price on shares of Cloudflare from $52.00 to $60.00 and gave the stock an "underperform" rating in a report on Friday, May 3rd. Oppenheimer reduced their price objective on shares of Cloudflare from $122.00 to $110.00 and set an "outperform" rating on the stock in a research report on Friday, May 3rd. Finally, UBS Group cut their price target on shares of Cloudflare from $88.00 to $76.00 and set a "sell" rating on the stock in a report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $91.87.

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.