SlateStone Wealth LLC Reduces Holdings in Cloudflare, Inc. (NYSE:NET)

SlateStone Wealth LLC reduced its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 75.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,987 shares of the company’s stock after selling 12,290 shares during the quarter. SlateStone Wealth LLC’s holdings in Cloudflare were worth $332,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Massmutual Trust Co. FSB ADV boosted its stake in shares of Cloudflare by 1,976.9% in 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 during the period. Livforsakringsbolaget Skandia Omsesidigt increased its stake in Cloudflare by 98.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock valued at $50,000 after buying an additional 296 shares during the period. ORG Partners LLC acquired a new position in Cloudflare during the 4th quarter valued at about $55,000. Harvest Fund Management Co. Ltd boosted its position in shares of Cloudflare by 2,422.9% during the 3rd 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. Finally, Fortis Group Advisors LLC bought a new position in shares of Cloudflare during the 3rd quarter valued at about $64,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Trading Up 4.7 %

Cloudflare stock traded up $3.95 during mid-day trading on Tuesday, reaching $88.64. The stock had a trading volume of 1,491,781 shares, compared to its average volume of 3,775,752. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare, Inc. has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The stock’s 50-day simple moving average is $96.38 and its 200-day simple moving average is $82.10.

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

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $79.60, for a total transaction of $238,800.00. Following the transaction, the insider now owns 216,114 shares of the company’s stock, valued at $17,202,674.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $79.60, for a total value of $238,800.00. Following the transaction, the insider now owns 216,114 shares of the company’s stock, valued at $17,202,674.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 10,031 shares of the business’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $80.91, for a total value of $811,608.21. Following the completion of the transaction, the director now directly owns 1,454,919 shares in the company, valued at approximately $117,717,496.29. The disclosure for this sale can be found here. Insiders have sold a total of 1,044,323 shares of company stock valued at $101,692,491 over the last 90 days. Insiders own 14.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NET shares. Sanford C. Bernstein began coverage on shares of Cloudflare in a research report on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price target for the company. Morgan Stanley lifted their price target on shares of Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Wells Fargo & Company boosted their target price on shares of Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Truist Financial lifted their price target on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, DZ Bank cut Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price objective for the company. in a report on Tuesday, February 13th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and a consensus price target of $87.08.

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.