Alliancebernstein L.P. Has $26.30 Million Stock Position in Cloudflare, Inc. (NYSE:NET)

Alliancebernstein L.P. raised its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 116.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,225 shares of the company’s stock after acquiring an additional 131,553 shares during the quarter. Alliancebernstein L.P.’s holdings in Cloudflare were worth $26,298,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. Hartline Investment Corp lifted its position in Cloudflare by 1.5% in the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock worth $28,464,000 after buying an additional 3,957 shares in the last quarter. Birchcreek Wealth Management LLC acquired a new position in shares of Cloudflare in the fourth quarter worth $215,000. Strategic Blueprint LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth $265,000. Clarendon Private LLC acquired a new stake in Cloudflare during the fourth quarter valued at $293,000. Finally, Savant Capital LLC purchased a new position in Cloudflare in the fourth quarter valued at about $237,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the completion of the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,223,962.26. This trade represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 559,662 shares of company stock worth $73,480,384. Company insiders own 12.83% of the company’s stock.

Cloudflare Stock Down 9.3 %

NYSE NET opened at $97.39 on Monday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market cap of $33.61 billion, a PE ratio of -442.68 and a beta of 1.59. The firm has a 50-day simple moving average of $136.35 and a 200 day simple moving average of $112.90.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (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%. On average, research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NET. Needham & Company LLC cut their price target on Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. The Goldman Sachs Group cut their price objective on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $95.00 to $145.00 in a research report on Friday, January 17th. UBS Group cut their price target on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company upped their price objective on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $135.64.

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.