Pitcairn Co. Cuts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Pitcairn Co. reduced its position in Cloudflare, Inc. (NYSE:NET) by 26.9% in the third quarter, Holdings Channel.com reports. The fund owned 4,198 shares of the company’s stock after selling 1,547 shares during the period. Pitcairn Co.’s holdings in Cloudflare were worth $340,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC raised its stake in shares of Cloudflare by 306.4% in the third quarter. Cerity Partners LLC now owns 18,416 shares of the company’s stock worth $1,490,000 after purchasing an additional 13,885 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after buying an additional 29,960 shares during the last quarter. Parnassus Investments LLC lifted its stake in Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after acquiring an additional 131,319 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Cloudflare during the 3rd quarter valued at about $591,000. Finally, Banque Cantonale Vaudoise grew its stake in shares of Cloudflare by 20.8% in the third quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company’s stock worth $2,973,000 after acquiring an additional 6,326 shares during the period. 82.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NET. Wells Fargo & Company increased their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. BNP Paribas initiated coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target on the stock. Mizuho lifted their price objective on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Royal Bank of Canada increased their target price on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Robert W. Baird boosted their price target on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $92.88.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 28,635 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $24,030,141.07. This represents a 10.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total transaction of $4,089,095.04. Following the completion of the sale, the chief executive officer now owns 10,761 shares in the company, valued at $840,003.66. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 546,194 shares of company stock worth $46,804,995 in the last quarter. 12.83% of the stock is owned by corporate insiders.

Cloudflare Price Performance

Shares of NYSE:NET opened at $102.24 on Wednesday. The firm has a market cap of $35.09 billion, a price-to-earnings ratio of -393.23 and a beta of 1.10. The firm has a fifty day moving average price of $88.68 and a 200 day moving average price of $81.76. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $116.00. 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 released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. As a group, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal 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.