Exchange Traded Concepts LLC Reduces Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Exchange Traded Concepts LLC reduced its stake in shares of Cloudflare, Inc. (NYSE:NET) by 23.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 69,742 shares of the company’s stock after selling 21,030 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Cloudflare were worth $7,510,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. CVA Family Office LLC increased its position in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares during the period. Quarry LP boosted its position in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Cloudflare in the 3rd quarter worth approximately $38,000. Quest Partners LLC purchased a new position in shares of Cloudflare in the 3rd quarter valued at approximately $54,000. Finally, Versant Capital Management Inc boosted its position in shares of Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Up 1.0 %

Cloudflare stock opened at $125.19 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $125.71. The firm has a 50 day moving average of $110.70 and a 200 day moving average of $92.72.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, analysts expect that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the sale, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $18,370,199.43. This trade represents a 21.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Friday, January 24th. The stock was sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at $21,403,676.25. The trade was a 12.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 641,132 shares of company stock valued at $69,429,058. Corporate insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Piper Sandler raised their price objective on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. BNP Paribas began coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and upped their price objective for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. UBS Group lifted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Scotiabank upped their price target on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $108.32.

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.