Cibc World Markets Corp Sells 3,774 Shares of Cloudflare, Inc. (NYSE:NET)

Cibc World Markets Corp cut its stake in shares of Cloudflare, Inc. (NYSE:NET) by 21.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 13,771 shares of the company’s stock after selling 3,774 shares during the quarter. Cibc World Markets Corp’s holdings in Cloudflare were worth $1,483,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Quarry LP increased its holdings in Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Cloudflare during the third quarter worth about $54,000. Larson Financial Group LLC increased its stake in shares of Cloudflare by 1,988.5% in the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after buying an additional 517 shares during the period. Versant Capital Management Inc raised 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 during the last quarter. Finally, GAMMA Investing LLC boosted 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. 82.68% of the stock is currently owned by institutional investors.

Insider Activity at Cloudflare

In related news, CAO Janel Riley sold 4,327 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the sale, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $28,779,020.89. This represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 566,766 shares of company stock valued at $73,779,200. 12.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. DZ Bank cut shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price target for the company. in a research report on Tuesday, February 11th. Needham & Company LLC lowered their target price on Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Truist Financial upped their price target on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. The Goldman Sachs Group lowered their price objective on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Finally, Susquehanna upped their target price on Cloudflare from $95.00 to $170.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $131.64.

Cloudflare Trading Up 0.9 %

NYSE NET opened at $118.95 on Friday. 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 52 week low of $66.24 and a 52 week high of $177.37. The business has a 50 day moving average price of $136.73 and a 200-day moving average price of $109.79. The company has a market cap of $41.05 billion, a price-to-earnings ratio of -540.70 and a beta of 1.27.

Cloudflare (NYSE:NET) last released 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 return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.