Cloudflare, Inc. (NYSE:NET) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd lowered its holdings in Cloudflare, Inc. (NYSE:NET) by 72.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 590 shares of the company’s stock after selling 1,558 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Cloudflare were worth $48,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Advisors Asset Management Inc. increased its position in shares of Cloudflare by 15.6% in the first quarter. Advisors Asset Management Inc. now owns 1,761 shares of the company’s stock worth $171,000 after acquiring an additional 237 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of Cloudflare by 26.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 3,936 shares of the company’s stock worth $381,000 after acquiring an additional 828 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Cloudflare by 4.8% in the first quarter. California State Teachers Retirement System now owns 447,813 shares of the company’s stock worth $43,362,000 after acquiring an additional 20,533 shares in the last quarter. Comerica Bank increased its position in shares of Cloudflare by 19.9% in the first quarter. Comerica Bank now owns 28,556 shares of the company’s stock worth $2,765,000 after acquiring an additional 4,733 shares in the last quarter. Finally, Plato Investment Management Ltd increased its position in shares of Cloudflare by 897.0% in the first quarter. Plato Investment Management Ltd now owns 5,603 shares of the company’s stock worth $543,000 after acquiring an additional 5,041 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

NET has been the topic of several analyst reports. Scotiabank lifted their target price on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Royal Bank of Canada raised their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Guggenheim raised their price target on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a report on Friday, August 2nd. Piper Sandler raised their price target on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, BNP Paribas started coverage on shares of Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average target price of $92.88.

Cloudflare Trading Down 2.8 %

Shares of NET stock opened at $99.38 on Thursday. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00. The firm’s fifty day simple moving average is $89.15 and its 200 day simple moving average is $81.98. The firm has a market capitalization of $34.11 billion, a P/E ratio of -382.23 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $14,632,356.78. The trade was a 6.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 28,635 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at $24,030,141.07. This trade represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 606,952 shares of company stock valued at $53,078,202. 12.83% of the stock is owned by company insiders.

About Cloudflare

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.