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

Los Angeles Capital Management LLC lowered its holdings in Cloudflare, Inc. (NYSE:NET) by 54.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in shares of Cloudflare in the third quarter worth $38,000. Quarry LP raised its stake 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 purchasing an additional 133 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Cloudflare in the third quarter worth $54,000. Versant Capital Management Inc raised its stake 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 purchasing an additional 170 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake 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 purchasing an additional 217 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 28,635 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $162.07, for a total transaction of $4,640,874.45. Following the sale, the chief financial officer now directly owns 293,582 shares in the company, valued at $47,580,834.74. This represents a 8.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were 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. Over the last three months, insiders have sold 533,278 shares of company stock worth $66,134,227. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NYSE NET opened at $143.22 on Wednesday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $49.15 billion, a price-to-earnings ratio of -651.01 and a beta of 1.12. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The business has a 50-day moving average price of $131.29 and a 200-day moving average price of $104.42.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on NET shares. Guggenheim lifted their price objective on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday, February 7th. Stifel Nicolaus lifted their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Morgan Stanley lifted their price objective on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Jefferies Financial Group lifted their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Finally, Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $95.00 to $145.00 in a report on Friday, January 17th. 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. According to data from MarketBeat, Cloudflare presently has an average rating of “Hold” and an average target price of $136.28.

Cloudflare 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.