Sumitomo Mitsui Trust Holdings Inc. Sells 57,282 Shares of Cloudflare, Inc. (NYSE:NET)

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in Cloudflare, Inc. (NYSE:NET) by 3.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,678,930 shares of the company’s stock after selling 57,282 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.50% of Cloudflare worth $139,788,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Moneta Group Investment Advisors LLC boosted its holdings in shares of Cloudflare by 131,133.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company’s stock valued at $274,583,000 after buying an additional 6,068,873 shares during the period. Norges Bank bought a new position in Cloudflare during the 4th quarter worth about $124,592,000. 1832 Asset Management L.P. lifted its holdings in shares of Cloudflare by 315.1% in the first quarter. 1832 Asset Management L.P. now owns 1,888,400 shares of the company’s stock valued at $116,439,000 after purchasing an additional 1,433,500 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Cloudflare by 215.1% during the first quarter. Two Sigma Investments LP now owns 1,344,914 shares of the company’s stock worth $82,927,000 after buying an additional 918,096 shares during the period. Finally, Vanguard Group Inc. raised its position in Cloudflare by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock valued at $2,795,953,000 after buying an additional 548,149 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Trading Down 3.6 %

Shares of NYSE:NET opened at $90.39 on Tuesday. Cloudflare, Inc. has a 12-month low of $39.90 and a 12-month high of $116.00. The business has a 50 day moving average of $96.65 and a 200-day moving average of $81.35. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. On average, equities analysts predict that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total value of $4,955,002.56. Following the transaction, the chief executive officer now owns 12,183 shares in the company, valued at $1,152,389.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total value of $4,955,002.56. Following the transaction, the chief executive officer now directly owns 12,183 shares of the company’s stock, valued at approximately $1,152,389.97. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the transaction, the chief financial officer now owns 243,495 shares of the company’s stock, valued at $18,926,866.35. The disclosure for this sale can be found here. Insiders sold 1,113,937 shares of company stock valued at $106,926,869 in the last three months. Corporate insiders own 14.80% of the company’s stock.

Analyst Upgrades and Downgrades

NET has been the subject of several research reports. DZ Bank cut shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price target for the company. in a research note on Tuesday, February 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $100.00 price target (up from $70.00) on shares of Cloudflare in a research note on Friday, February 9th. JMP Securities increased their price objective on shares of Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Wednesday, January 31st. Wells Fargo & Company raised their price objective on Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Finally, Mizuho reduced their price target on Cloudflare from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Monday. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $87.08.

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, script management, security center, and rate limiting products.