Davis Rea LTD. Sells 44,130 Shares of Cloudflare, Inc. (NYSE:NET)

Davis Rea LTD. cut its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 29.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 107,926 shares of the company’s stock after selling 44,130 shares during the quarter. Cloudflare comprises 5.9% of Davis Rea LTD.’s portfolio, making the stock its 6th biggest holding. Davis Rea LTD.’s holdings in Cloudflare were worth $11,621,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new stake in Cloudflare during the third quarter worth approximately $38,000. Quarry LP lifted its holdings in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares during the last quarter. Quest Partners LLC bought a new stake in Cloudflare in the 3rd quarter valued at $54,000. Versant Capital Management Inc grew its holdings in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after buying an additional 170 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after buying an additional 217 shares during the period. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Scotiabank lifted their price target on shares of Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. Stifel Nicolaus upped their price target on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Morgan Stanley boosted their price objective on shares of Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. JMP Securities raised their target price on Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a report on Friday, February 7th. Finally, Wells Fargo & Company boosted their price target on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $136.28.

Cloudflare Stock Down 2.9 %

Cloudflare stock opened at $140.74 on Friday. The firm has a 50 day moving average price of $132.01 and a 200-day moving average price of $104.71. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The company has a market capitalization of $48.30 billion, a P/E ratio of -639.73 and a beta of 1.12.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. As a group, equities analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the completion of the transaction, the chief executive officer now owns 413,413 shares of the company’s stock, valued at $59,961,421.52. The trade was a 11.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $156.67, for a total transaction of $4,017,018.80. The disclosure for this sale can be found here. Insiders sold 638,046 shares of company stock valued at $81,243,344 over the last three months. Company insiders own 12.83% of the company’s stock.

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.