Atika Capital Management LLC Lowers Stake in Cloudflare, Inc. (NYSE:NET)

Atika Capital Management LLC lessened its stake in Cloudflare, Inc. (NYSE:NET) by 17.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,800 shares of the company’s stock after selling 15,200 shares during the period. Atika Capital Management LLC’s holdings in Cloudflare were worth $7,731,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in NET. Geode Capital Management LLC increased its position in Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock valued at $526,986,000 after purchasing an additional 68,661 shares during the period. Groupama Asset Managment bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $269,200,000. Norges Bank purchased a new position in Cloudflare during the fourth quarter valued at approximately $249,544,000. American Century Companies Inc. raised its stake in Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after buying an additional 1,017,399 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Cloudflare by 1.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock valued at $138,516,000 after acquiring an additional 23,641 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the completion of the sale, the insider now directly owns 188,406 shares in the company, valued at approximately $21,257,848.98. The trade was a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $117.34, for a total value of $3,008,597.60. Following the completion of the transaction, the insider now owns 413,413 shares in the company, valued at $48,509,881.42. The trade was a 5.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 612,046 shares of company stock valued at $79,451,112 over the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on NET. Cantor Fitzgerald boosted their price target on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Susquehanna increased their price target on shares of Cloudflare from $95.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Scotiabank lifted their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Jefferies Financial Group boosted their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, Oppenheimer initiated coverage on shares of Cloudflare in a report on Thursday, March 20th. They issued an “outperform” rating and a $150.00 price target on the stock. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $135.64.

Cloudflare Stock Performance

Shares of NET stock opened at $97.39 on Friday. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market cap of $33.61 billion, a PE ratio of -442.68 and a beta of 1.59. The business has a 50-day simple moving average of $136.35 and a 200-day simple moving average of $112.43.

Cloudflare (NYSE:NET) last issued its quarterly earnings data 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 return on equity of 5.52% and a negative net margin of 4.72%. On average, equities analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.