Kayne Anderson Rudnick Investment Management LLC Decreases Position in Cloudflare, Inc. (NYSE:NET)

Kayne Anderson Rudnick Investment Management LLC lowered its position in Cloudflare, Inc. (NYSE:NET) by 4.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 655,725 shares of the company’s stock after selling 30,956 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned 0.19% of Cloudflare worth $70,608,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in NET. Advisory Resource Group grew its position in shares of Cloudflare by 1.6% in the third quarter. Advisory Resource Group now owns 12,611 shares of the company’s stock valued at $1,020,000 after purchasing an additional 195 shares during the last quarter. Virtu Financial LLC acquired a new stake in Cloudflare during the 3rd quarter valued at $1,268,000. Sanctuary Advisors LLC increased its position in Cloudflare by 37.2% during the third quarter. Sanctuary Advisors LLC now owns 14,133 shares of the company’s stock worth $1,143,000 after buying an additional 3,835 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Cloudflare in the third quarter worth $204,000. Finally, Tidal Investments LLC lifted its position in shares of Cloudflare by 18.0% in the third quarter. Tidal Investments LLC now owns 23,238 shares of the company’s stock valued at $1,880,000 after acquiring an additional 3,550 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Trading Down 1.6 %

Shares of NET opened at $107.81 on Monday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The stock has a 50-day moving average price of $126.73 and a 200 day moving average price of $114.70. The company has a market capitalization of $37.20 billion, a P/E ratio of -490.03 and a beta of 1.59.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) 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%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value 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 trade 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, insider Michelle Zatlyn sold 35,099 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $164.84, for a total transaction of $5,785,719.16. The disclosure for this sale can be found here. Insiders have sold a total of 579,389 shares of company stock valued at $74,559,343 in the last quarter. Insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

NET has been the subject of several analyst reports. Guggenheim boosted their target price on shares of Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday, February 7th. Piper Sandler cut their price objective on shares of Cloudflare from $131.00 to $112.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Susquehanna raised their target price on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Oppenheimer assumed coverage on Cloudflare in a research note on Thursday, March 20th. They set an “outperform” rating and a $150.00 price target on the stock. Finally, JMP Securities raised their price objective on Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $134.84.

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.