OVERSEA CHINESE BANKING Corp Ltd Trims Position in Cloudflare, Inc. (NYSE:NET)

OVERSEA CHINESE BANKING Corp Ltd lessened its stake in shares of Cloudflare, Inc. (NYSE:NET) by 57.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,088 shares of the company’s stock after selling 2,850 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Cloudflare were worth $231,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NET. Quarry LP grew its holdings in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Cloudflare during the third quarter worth about $54,000. Larson Financial Group LLC grew its holdings in shares of Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after purchasing an additional 517 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Cloudflare by 44.9% during 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 in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after purchasing an additional 217 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Ratings Changes

NET has been the subject of several recent analyst reports. Needham & Company LLC cut their price objective on Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, March 13th. DZ Bank lowered Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price objective for the company. in a report on Tuesday, February 11th. Oppenheimer assumed coverage on Cloudflare in a report on Thursday. They set an “outperform” rating and a $150.00 price objective for the company. The Goldman Sachs Group cut their target price on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, UBS Group cut their target price on Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Four investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $131.64.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total value of $5,957,632.32. Following the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,223,962.26. This represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michelle Zatlyn sold 25,640 shares of the company’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 a total of 556,766 shares of company stock worth $72,579,200 over the last quarter. 12.83% of the stock is owned by corporate insiders.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $117.89 on Friday. 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 company has a market cap of $40.68 billion, a PE ratio of -535.85 and a beta of 1.27. The business has a 50 day moving average of $136.61 and a 200 day moving average of $109.54. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37.

Cloudflare (NYSE:NET) last announced 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 net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share 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.