Ieq Capital LLC Decreases Stock Position in Cloudflare, Inc. (NYSE:NET)

Ieq Capital LLC lowered its stake in shares of Cloudflare, Inc. (NYSE:NET) by 71.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 3,646 shares of the company’s stock after selling 9,321 shares during the quarter. Ieq Capital LLC’s holdings in Cloudflare were worth $393,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in Cloudflare in the third quarter valued at approximately $38,000. Quarry LP boosted its holdings in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Cloudflare in the third quarter worth $54,000. Versant Capital Management Inc raised its holdings in shares of Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Cloudflare by 59.0% during the fourth 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 period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on NET shares. Truist Financial increased their price target on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Piper Sandler lifted their price target on Cloudflare from $92.00 to $153.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Morgan Stanley boosted their price target on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Guggenheim raised their price objective on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research note on Friday, February 7th. Finally, Jefferies Financial Group boosted their target price on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $136.28.

Cloudflare Price Performance

Cloudflare stock opened at $140.74 on Friday. The company has a fifty day simple moving average of $132.01 and a 200-day simple moving average of $104.71. The firm has a market capitalization of $48.30 billion, a price-to-earnings ratio of -639.73 and a beta of 1.12. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37.

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 the consensus estimate 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, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $109.90, for a total value of $1,648,500.00. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $27,790,303.10. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $112.68, for a total value of $2,889,115.20. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at approximately $19,489,020.12. This represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 638,046 shares of company stock valued at $81,243,344. 12.83% of the stock is currently owned by insiders.

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.