Nikko Asset Management Americas Inc. Sells 122,503 Shares of Cloudflare, Inc. (NYSE:NET)

Nikko Asset Management Americas Inc. lessened its stake in shares of Cloudflare, Inc. (NYSE:NET) by 13.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 808,202 shares of the company’s stock after selling 122,503 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Cloudflare were worth $87,027,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in shares of Cloudflare during the third quarter worth $25,588,000. Parnassus Investments LLC lifted its holdings in shares of Cloudflare by 1,851.9% during the third quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock worth $11,196,000 after purchasing an additional 131,319 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after purchasing an additional 121,810 shares during the period. Generate Investment Management Ltd acquired a new position in shares of Cloudflare during the fourth quarter worth $12,946,000. Finally, Worldquant Millennium Advisors LLC acquired a new position in shares of Cloudflare during the third quarter worth $8,535,000. Institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NET. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and boosted their target price for the company from $95.00 to $145.00 in a report on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Truist Financial boosted their target price on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. JMP Securities boosted their target price on shares of Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a report on Friday, February 7th. Finally, Mizuho dropped their target price on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating on the stock in a report on Thursday. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average target price of $130.04.

Cloudflare Trading Up 1.9 %

Shares of NET stock opened at $115.83 on Monday. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a 50-day simple moving average of $136.48 and a two-hundred day simple moving average of $108.95. The company has a market capitalization of $39.97 billion, a price-to-earnings ratio of -526.50 and a beta of 1.27.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 571,766 shares of company stock worth $73,804,307 over the last three months. 12.83% of the stock is currently owned by insiders.

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.