PDT Partners LLC Decreases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

PDT Partners LLC lessened its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 60.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,526 shares of the company's stock after selling 30,343 shares during the period. PDT Partners LLC's holdings in Cloudflare were worth $2,103,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in NET. Capital World Investors lifted its holdings in shares of Cloudflare by 0.7% in the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after acquiring an additional 260,415 shares during the last quarter. Geode Capital Management LLC increased its position in Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after purchasing an additional 68,661 shares in the last quarter. Groupama Asset Managment bought a new position in Cloudflare in the 4th quarter valued at approximately $269,200,000. Norges Bank acquired a new stake in Cloudflare in the fourth quarter valued at approximately $249,544,000. Finally, American Century Companies Inc. grew its stake in shares of Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after buying an additional 1,017,399 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $59,279,290.07. This trade represents a 11.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare 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 in the company, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 509,973 shares of company stock valued at $66,133,783. Corporate insiders own 12.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Oppenheimer assumed coverage on Cloudflare in a report on Thursday, March 20th. They set an "outperform" rating and a $150.00 price objective on the stock. Wells Fargo & Company lifted their price target on Cloudflare from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Monday, January 27th. UBS Group lowered their price objective on Cloudflare from $165.00 to $135.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Cantor Fitzgerald lifted their target price on shares of Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, Mizuho raised shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price target for the company in a research note on Wednesday, April 16th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $134.84.

Cloudflare Stock Up 1.3 %

Shares of NET traded up $1.65 during trading hours on Friday, hitting $124.26. The stock had a trading volume of 2,621,223 shares, compared to its average volume of 3,157,383. The firm has a 50 day simple moving average of $117.80 and a 200-day simple moving average of $116.35. 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 current ratio of 3.37 and a quick ratio of 3.37. The firm has a market capitalization of $42.88 billion, a P/E ratio of -564.82 and a beta of 1.59.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data 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 net margin of 4.72% and a negative return on equity of 5.52%. Sell-side analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Cloudflare 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.