Los Angeles Capital Management LLC Decreases Position in Cloudflare, Inc. (NYSE:NET)

Los Angeles Capital Management LLC cut its stake in shares of Cloudflare, Inc. (NYSE:NET) by 54.5% during the fourth quarter, HoldingsChannel reports. The firm owned 127,822 shares of the company’s stock after selling 153,004 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Cloudflare were worth $13,764,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare in the third quarter worth approximately $38,000. Quarry LP raised its holdings in shares of Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the period. Versant Capital Management Inc raised its holdings in shares of Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after buying an additional 170 shares during the period. GAMMA Investing LLC raised its holdings in shares of Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after buying an additional 217 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Cloudflare in the third quarter worth approximately $54,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on NET. Wells Fargo & Company increased their price target on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. DZ Bank downgraded Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price target on the stock. in a report on Tuesday, February 11th. Morgan Stanley increased their price objective on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Stifel Nicolaus increased their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average price target of $136.28.

Cloudflare Stock Performance

Shares of NET opened at $143.22 on Wednesday. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The stock has a fifty day moving average price of $131.29 and a 200-day moving average price of $104.42. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $49.15 billion, a PE ratio of -651.01 and a beta of 1.12.

Cloudflare (NYSE:NET) last issued 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 net margin of 4.72% and a negative return on equity of 5.52%. Equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 transaction, the chief financial officer now owns 252,869 shares in the company, 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 SEC, which is available at this link. Also, insider Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $156.67, for a total value of $4,017,018.80. The disclosure for this sale can be found here. Insiders sold 533,278 shares of company stock worth $66,134,227 in the last 90 days. Insiders own 12.83% of the company’s stock.

About Cloudflare

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.