Sterling Capital Management LLC Sells 620 Shares of Cloudflare, Inc. (NYSE:NET)

Sterling Capital Management LLC reduced its holdings in Cloudflare, Inc. (NYSE:NET) by 11.4% in the 4th quarter, Holdings Channel reports. The fund owned 4,838 shares of the company’s stock after selling 620 shares during the quarter. Sterling Capital Management LLC’s holdings in Cloudflare were worth $521,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of NET. Larson Financial Group LLC increased its stake in Cloudflare by 1,988.5% during the 4th 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 increased its position 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 acquiring an additional 170 shares in the last quarter. GAMMA Investing LLC raised 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 acquiring an additional 217 shares during the period. Whittier Trust Co. lifted its position in Cloudflare by 120.5% in the 4th quarter. Whittier Trust Co. now owns 602 shares of the company’s stock valued at $65,000 after acquiring an additional 329 shares in the last quarter. Finally, Sava Infond d.o.o. acquired a new position in Cloudflare in the 4th quarter worth $65,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

NET has been the topic of several recent research reports. DZ Bank downgraded Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price target on the stock. in a research note on Tuesday, February 11th. Wells Fargo & Company boosted their target price on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. JMP Securities raised their price target on shares of Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research note on Friday, February 7th. The Goldman Sachs Group cut their price objective on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Finally, Mizuho raised shares of Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 target price for the company in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $134.84.

Cloudflare Stock Performance

Shares of NET stock opened at $107.81 on Friday. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The company has a market capitalization of $37.20 billion, a price-to-earnings ratio of -490.03 and a beta of 1.59. The company has a 50-day simple moving average of $129.32 and a 200 day simple moving average of $113.82. 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 posted 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 net margin of 4.72% and a negative return on equity of 5.52%. On average, sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 31,136 shares of Cloudflare stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $120.10, for a total value of $3,739,433.60. Following the completion of the sale, the chief financial officer now owns 252,869 shares in the company, valued at $30,369,566.90. The trade was a 10.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at approximately $21,403,676.25. The trade was a 12.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 579,389 shares of company stock valued at $74,559,343. 12.83% of the stock is owned by company insiders.

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.