Picton Mahoney Asset Management Sells 27,886 Shares of Cloudflare, Inc. $NET

Picton Mahoney Asset Management lessened its holdings in Cloudflare, Inc. (NYSE:NET) by 21.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 101,509 shares of the company’s stock after selling 27,886 shares during the period. Picton Mahoney Asset Management’s holdings in Cloudflare were worth $21,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Reliant Investment Partners LLC lifted its holdings in shares of Cloudflare by 1.5% during the 3rd quarter. Reliant Investment Partners LLC now owns 3,316 shares of the company’s stock worth $718,000 after acquiring an additional 50 shares during the period. Frank Rimerman Advisors LLC raised its position in Cloudflare by 1.8% in the third quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company’s stock worth $605,000 after purchasing an additional 51 shares in the last quarter. Huntington National Bank lifted its stake in Cloudflare by 22.8% during the second quarter. Huntington National Bank now owns 280 shares of the company’s stock worth $55,000 after purchasing an additional 52 shares during the period. Bogart Wealth LLC lifted its stake in Cloudflare by 28.0% during the third quarter. Bogart Wealth LLC now owns 270 shares of the company’s stock worth $58,000 after purchasing an additional 59 shares during the period. Finally, Rothschild Investment LLC boosted its holdings in Cloudflare by 37.4% during the third quarter. Rothschild Investment LLC now owns 224 shares of the company’s stock valued at $48,000 after purchasing an additional 61 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of NET stock opened at $178.82 on Wednesday. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00. The stock has a market capitalization of $62.64 billion, a PE ratio of -616.60 and a beta of 1.98. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. The stock’s fifty day moving average is $184.97 and its 200-day moving average is $202.72.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. During the same period in the previous year, the business posted $0.19 earnings per share. The firm’s revenue for the quarter was up 33.6% compared to the same quarter last year. Equities research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $201.23, for a total transaction of $10,541,232.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michelle Zatlyn sold 35,080 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the completion of the sale, the insider directly owned 34,514 shares of the company’s stock, valued at approximately $6,467,578.46. This represents a 50.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 555,262 shares of company stock worth $104,705,441. Corporate insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Piper Sandler increased their target price on Cloudflare from $220.00 to $222.00 and gave the stock a “neutral” rating in a report on Wednesday, February 11th. UBS Group reiterated a “neutral” rating and issued a $220.00 price target on shares of Cloudflare in a research report on Wednesday, February 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, January 21st. Cantor Fitzgerald reissued a “neutral” rating and set a $224.00 price objective on shares of Cloudflare in a report on Wednesday, February 11th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Cloudflare in a report on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cloudflare currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.70.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.