Vestmark Advisory Solutions Inc. Sells 2,952 Shares of Cloudflare, Inc. $NET

Vestmark Advisory Solutions Inc. lessened its holdings in Cloudflare, Inc. (NYSE:NET) by 48.3% in the third quarter, Holdings Channel reports. The firm owned 3,155 shares of the company’s stock after selling 2,952 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Cloudflare were worth $677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Reliant Investment Partners LLC boosted its holdings in shares of Cloudflare by 1.5% in the 3rd quarter. Reliant Investment Partners LLC now owns 3,316 shares of the company’s stock worth $718,000 after buying an additional 50 shares during the last quarter. Daymark Wealth Partners LLC increased its holdings in Cloudflare by 1.1% during the second quarter. Daymark Wealth Partners LLC now owns 4,556 shares of the company’s stock worth $892,000 after buying an additional 51 shares during the last quarter. Frank Rimerman Advisors LLC raised its position in Cloudflare by 1.8% in the third quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company’s stock worth $605,000 after acquiring an additional 51 shares during the period. Huntington National Bank boosted its stake in Cloudflare by 22.8% in the second quarter. Huntington National Bank now owns 280 shares of the company’s stock valued at $55,000 after acquiring an additional 52 shares during the last quarter. Finally, Bogart Wealth LLC boosted its stake in Cloudflare by 28.0% in the third quarter. Bogart Wealth LLC now owns 270 shares of the company’s stock valued at $58,000 after acquiring an additional 59 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada raised their price target on shares of Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, January 21st. TD Cowen reaffirmed a “buy” rating on shares of Cloudflare in a research report on Tuesday, January 27th. Jefferies Financial Group increased their price target on Cloudflare from $185.00 to $225.00 and gave the stock a “hold” rating in a research note on Wednesday, February 11th. Finally, Wolfe Research restated a “peer perform” rating on shares of Cloudflare in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $230.70.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $173.78, for a total transaction of $9,103,291.52. Following the transaction, the chief executive officer directly owned 22,911 shares in the company, valued at approximately $3,981,473.58. This represents a 69.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $176.19, for a total transaction of $528,570.00. Following the transaction, the insider owned 101,101 shares in the company, valued at $17,812,985.19. The trade was a 2.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 610,780 shares of company stock worth $115,913,967 in the last three months. 10.89% of the stock is owned by insiders.

Cloudflare Stock Up 1.6%

Shares of NYSE NET opened at $174.59 on Friday. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46. The business has a 50-day moving average of $186.33 and a 200-day moving average of $203.14. The firm has a market capitalization of $61.16 billion, a price-to-earnings ratio of -602.01 and a beta of 1.97. Cloudflare, Inc. has a 12 month low of $89.42 and a 12 month high of $260.00.

Cloudflare (NYSE:NET) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. During the same period in the previous year, the business posted $0.19 earnings per share. Cloudflare’s revenue for the quarter was up 33.6% on a year-over-year basis. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.