Polar Capital Holdings Plc Sells 662,714 Shares of Cloudflare, Inc. (NYSE:NET)

Polar Capital Holdings Plc decreased its position in Cloudflare, Inc. (NYSE:NET) by 18.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,932,791 shares of the company’s stock after selling 662,714 shares during the quarter. Cloudflare comprises about 1.8% of Polar Capital Holdings Plc’s holdings, making the stock its 10th largest position. Polar Capital Holdings Plc owned 0.85% of Cloudflare worth $315,803,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NET. Capital World Investors boosted its position in Cloudflare by 0.7% during the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company’s stock worth $3,812,942,000 after acquiring an additional 260,415 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock worth $526,986,000 after purchasing an additional 68,661 shares during the period. Groupama Asset Managment acquired a new stake in shares of Cloudflare during the fourth quarter worth $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare in the fourth quarter valued at $249,544,000. Finally, American Century Companies Inc. increased its stake in Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NET. Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Susquehanna cut their price target on shares of Cloudflare from $170.00 to $140.00 and set a “neutral” rating on the stock in a research note on Monday. Bank of America raised shares of Cloudflare from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Robert W. Baird reiterated a “neutral” rating and issued a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Finally, Royal Bank of Canada dropped their price target on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cloudflare has an average rating of “Hold” and a consensus target price of $141.79.

Cloudflare Stock Performance

Shares of NET opened at $153.68 on Thursday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The business’s fifty day moving average price is $116.93 and its 200 day moving average price is $118.80. The stock has a market capitalization of $53.03 billion, a PE ratio of -698.55 and a beta of 1.78.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The firm’s revenue for the quarter was up 26.5% compared to the same quarter last year. Equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $124.16, for a total value of $372,480.00. Following the completion of the sale, the insider now owns 185,406 shares in the company, valued at $23,020,008.96. This represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total value of $5,284,497.92. The disclosure for this sale can be found here. Insiders sold 492,492 shares of company stock worth $63,757,685 in the last 90 days. Corporate insiders own 12.83% of the company’s stock.

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.