OVERSEA CHINESE BANKING Corp Ltd Cuts Stake in Cloudflare, Inc. (NYSE:NET)

OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Cloudflare, Inc. (NYSE:NET) by 57.7% during the fourth quarter, HoldingsChannel reports. The fund owned 2,088 shares of the company’s stock after selling 2,850 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Cloudflare were worth $231,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after acquiring an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after acquiring an additional 23,641 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cloudflare by 5.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock worth $131,559,000 after acquiring an additional 63,945 shares during the last quarter. Peregrine Capital Management LLC grew its stake in shares of Cloudflare by 0.4% in the fourth quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock worth $71,250,000 after acquiring an additional 2,483 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc grew its stake in shares of Cloudflare by 16.8% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 395,303 shares of the company’s stock worth $42,602,000 after acquiring an additional 56,906 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total value of $5,957,632.32. Following the completion of the transaction, the chief executive officer now owns 10,762 shares of the company’s stock, valued at approximately $1,223,962.26. This represents a 82.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Janel Riley sold 4,327 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 556,766 shares of company stock valued at $72,579,200. Company insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

NET has been the topic of several recent analyst reports. Wells Fargo & Company increased their price objective on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. Scotiabank lifted their price target on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 21st. Robert W. Baird reissued a “neutral” rating and set a $140.00 price objective (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Stifel Nicolaus raised their target price on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, JMP Securities boosted their target price on shares of Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research note on Friday, February 7th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $131.64.

Cloudflare Trading Up 0.3 %

NYSE:NET opened at $117.89 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a market capitalization of $40.68 billion, a price-to-earnings ratio of -535.85 and a beta of 1.27. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The business has a fifty day moving average price of $136.61 and a 200-day moving average price of $109.54.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.