Parnassus Investments LLC Decreases Position in Cloudflare, Inc. (NYSE:NET)

Parnassus Investments LLC trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 0.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 137,143 shares of the company’s stock after selling 1,267 shares during the period. Parnassus Investments LLC’s holdings in Cloudflare were worth $14,768,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Cloudflare by 1.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock valued at $138,516,000 after acquiring an additional 23,641 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cloudflare by 5.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock worth $131,559,000 after purchasing an additional 63,945 shares during the period. Swiss National Bank grew its stake in shares of Cloudflare by 1.1% in the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock worth $72,283,000 after purchasing an additional 10,100 shares during the last quarter. Finally, Peregrine Capital Management LLC raised its position in Cloudflare by 0.4% during the 4th quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock valued at $71,250,000 after purchasing an additional 2,483 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the sale, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 571,766 shares of company stock worth $73,804,307. Insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NET. Morgan Stanley lifted their price objective on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Guggenheim boosted their price objective on shares of Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research report on Friday, February 7th. UBS Group dropped their target price on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and boosted their price target for the company from $95.00 to $145.00 in a research report on Friday, January 17th. Finally, Mizuho lowered their price objective on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a report on Thursday. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $130.04.

Cloudflare Price Performance

NET stock opened at $115.83 on Friday. The company has a market capitalization of $39.97 billion, a PE ratio of -526.50 and a beta of 1.27. The company’s fifty day moving average price is $136.45 and its 200-day moving average price is $108.31. Cloudflare, Inc. has a one year low of $66.24 and a one year 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.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share 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, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.