Acadian Asset Management LLC Sells 5,603 Shares of Cloudflare, Inc. (NYSE:NET)

Acadian Asset Management LLC reduced its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 64.5% during the second quarter, HoldingsChannel reports. The firm owned 3,083 shares of the company’s stock after selling 5,603 shares during the period. Acadian Asset Management LLC’s holdings in Cloudflare were worth $199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of NET. PNC Financial Services Group Inc. lifted its holdings in shares of Cloudflare by 48.6% during the first quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock valued at $1,066,000 after purchasing an additional 2,912 shares in the last quarter. MetLife Investment Management LLC bought a new position in Cloudflare in the first quarter valued at about $1,950,000. Synovus Financial Corp bought a new position in Cloudflare in the first quarter valued at about $439,000. Cibc World Market Inc. lifted its holdings in Cloudflare by 16.8% in the first quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock valued at $2,611,000 after acquiring an additional 3,140 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Cloudflare by 10.8% in the first quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock valued at $21,732,000 after acquiring an additional 17,681 shares during the period. 73.14% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. The Goldman Sachs Group increased their target price on Cloudflare from $38.00 to $43.00 and gave the company a “sell” rating in a report on Friday, August 4th. Robert W. Baird increased their target price on Cloudflare from $64.00 to $75.00 in a report on Friday, July 28th. TD Cowen raised their price objective on Cloudflare from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Wells Fargo & Company raised their price objective on Cloudflare from $55.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, August 4th. Finally, Citigroup raised their price objective on Cloudflare from $48.00 to $65.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 29th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $64.24.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $71.22, for a total transaction of $3,730,788.48. Following the completion of the transaction, the chief executive officer now owns 269,047 shares in the company, valued at approximately $19,161,527.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $71.22, for a total transaction of $3,730,788.48. Following the completion of the transaction, the chief executive officer now owns 269,047 shares in the company, valued at approximately $19,161,527.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $64.53, for a total value of $967,950.00. Following the transaction, the chief financial officer now owns 253,352 shares of the company’s stock, valued at approximately $16,348,804.56. The disclosure for this sale can be found here. Insiders sold 581,002 shares of company stock worth $36,449,035 in the last quarter. 14.80% of the stock is owned by corporate insiders.

Cloudflare Stock Performance

NYSE:NET opened at $72.69 on Monday. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 1.83. Cloudflare, Inc. has a 12-month low of $37.56 and a 12-month high of $76.07. The stock has a 50-day moving average price of $61.89 and a 200 day moving average price of $62.41. The stock has a market capitalization of $24.41 billion, a P/E ratio of -119.16 and a beta of 0.97.

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, secure origin connection, and rate limiting products.