Pinebridge Investments L.P. Reduces Stock Position in Cloudflare, Inc. (NYSE:NET)

Pinebridge Investments L.P. reduced its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 10.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 231,233 shares of the company's stock after selling 28,022 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.07% of Cloudflare worth $24,899,000 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. Larson Financial Group LLC boosted its stake in shares of Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company's stock valued at $58,000 after purchasing an additional 517 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company's stock valued at $59,000 after purchasing an additional 170 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after purchasing an additional 217 shares during the last quarter. Sava Infond d.o.o. bought a new stake in shares of Cloudflare in the 4th quarter valued at $65,000. Finally, Whittier Trust Co. boosted its stake in shares of Cloudflare by 120.5% in the 4th quarter. Whittier Trust Co. now owns 602 shares of the company's stock valued at $65,000 after purchasing an additional 329 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NET has been the topic of a number of analyst reports. Truist Financial upped their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Oppenheimer started coverage on shares of Cloudflare in a research note on Thursday, March 20th. They set an "outperform" rating and a $150.00 target price on the stock. Morgan Stanley cut their target price on shares of Cloudflare from $154.00 to $144.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and increased their target price for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. Finally, Wells Fargo & Company increased their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Monday, January 27th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $134.84.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total value of $5,284,497.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the transaction, the insider now owns 175,688 shares in the company, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 506,973 shares of company stock worth $65,761,303. Insiders own 12.83% of the company's stock.

Cloudflare Stock Up 0.4 %

Shares of NET stock traded up $0.45 on Tuesday, hitting $121.45. The stock had a trading volume of 663,085 shares, compared to its average volume of 3,179,644. The business has a 50 day moving average of $119.99 and a 200 day moving average of $115.86. The stock has a market cap of $41.91 billion, a price-to-earnings ratio of -551.86 and a beta of 1.59. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37.

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 the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current 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.