Rakuten Securities Inc. Sells 287 Shares of Cloudflare, Inc. (NYSE:NET)

Rakuten Securities Inc. lessened its stake in Cloudflare, Inc. (NYSE:NET) by 25.1% in the fourth quarter, HoldingsChannel reports. The firm owned 858 shares of the company’s stock after selling 287 shares during the period. Rakuten Securities Inc.’s holdings in Cloudflare were worth $92,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Cloudflare by 1.9% in the fourth 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 during the period. Charles Schwab Investment Management Inc. grew its stake in Cloudflare by 5.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock valued at $131,559,000 after acquiring an additional 63,945 shares during the period. Swiss National Bank grew its stake in Cloudflare by 1.1% in the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after acquiring an additional 10,100 shares during the period. Finally, Peregrine Capital Management LLC grew its stake in Cloudflare by 0.4% in the fourth quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock valued at $71,250,000 after acquiring an additional 2,483 shares during the period. Institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

NYSE:NET opened at $119.18 on Thursday. 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’s 50 day moving average price is $136.21 and its two-hundred day moving average price is $108.20. The firm has a market capitalization of $41.13 billion, a price-to-earnings ratio of -541.73 and a beta of 1.27. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37.

Cloudflare (NYSE:NET) last announced 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 return on equity of 5.52% and a negative net margin of 4.72%. On average, analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the sale, the chief accounting officer now owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of the firm’s 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 sale, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. This trade represents a 1.39 % 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 in the last 90 days. Company insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NET. Cantor Fitzgerald boosted their target price on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. UBS Group boosted their target price on Cloudflare from $130.00 to $165.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Stifel Nicolaus boosted their target price on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Royal Bank of Canada boosted their target price on Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, DZ Bank cut Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price for the company. in a research note on Tuesday, February 11th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $136.28.

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.