Cloudflare, Inc. (NYSE:NET) Shares Sold by Titleist Asset Management LLC

Titleist Asset Management LLC cut its position in shares of Cloudflare, Inc. (NYSE:NET) by 39.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,997 shares of the company’s stock after selling 20,602 shares during the quarter. Titleist Asset Management LLC’s holdings in Cloudflare were worth $3,338,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Hartline Investment Corp lifted its holdings in shares of Cloudflare by 1.5% in the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock worth $28,464,000 after purchasing an additional 3,957 shares during the last quarter. Birchcreek Wealth Management LLC bought a new stake in Cloudflare in the fourth quarter valued at $215,000. Strategic Blueprint LLC bought a new position in shares of Cloudflare during the fourth quarter worth about $265,000. Clarendon Private LLC acquired a new stake in shares of Cloudflare in the 4th quarter worth about $293,000. Finally, Savant Capital LLC bought a new stake in Cloudflare in the 4th quarter valued at about $237,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 9.3 %

Cloudflare stock opened at $97.39 on Friday. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week 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. The firm has a market capitalization of $33.61 billion, a price-to-earnings ratio of -442.68 and a beta of 1.59. The company has a 50 day moving average price of $136.35 and a 200 day moving average price of $112.43.

Cloudflare (NYSE:NET) last issued its earnings results 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 return on equity of 5.52% and a negative net margin of 4.72%. Research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on NET. Robert W. Baird restated a “neutral” rating and issued a $140.00 price target (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Piper Sandler lowered their target price on Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada cut their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Oppenheimer started coverage on Cloudflare in a research note on Thursday, March 20th. They issued an “outperform” rating and a $150.00 price target for the company. Finally, Cantor Fitzgerald lifted their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $135.64.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,223,962.26. The trade was a 82.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas James Kramer sold 9,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $112.83, for a total value of $1,015,470.00. Following the completion of the transaction, the insider now owns 188,406 shares in the company, valued at $21,257,848.98. This represents a 4.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 612,046 shares of company stock worth $79,451,112 in the last 90 days. Company 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.