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

Picton Mahoney Asset Management lowered its position in Cloudflare, Inc. (NYSE:NET) by 21.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NET. Physician Wealth Advisors Inc. grew its position in Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after acquiring an additional 104 shares in the last quarter. Westside Investment Management Inc. lifted its stake in shares of Cloudflare by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after purchasing an additional 65 shares during the last quarter. ORG Wealth Partners LLC lifted its stake in shares of Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock valued at $30,000 after purchasing an additional 70 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in Cloudflare in the second quarter worth $29,000. Finally, Harbor Investment Advisory LLC acquired a new position in Cloudflare during the third quarter worth $32,000. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NET. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $224.00 price target on shares of Cloudflare in a research report on Wednesday, February 11th. UBS Group reissued a “neutral” rating and issued a $220.00 price objective on shares of Cloudflare in a research note on Wednesday, February 11th. Needham & Company LLC reduced their target price on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. Robert W. Baird set a $260.00 target price on Cloudflare and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Finally, Scotiabank dropped their price target on shares of Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $230.70.

Cloudflare Stock Performance

Shares of NYSE NET opened at $178.82 on Wednesday. Cloudflare, Inc. has a 12 month low of $89.42 and a 12 month high of $260.00. The company has a market cap of $62.64 billion, a P/E ratio of -616.60 and a beta of 1.98. The business’s 50 day moving average is $184.97 and its two-hundred day moving average is $202.72. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. Cloudflare’s quarterly revenue was up 33.6% on a year-over-year basis. During the same quarter last year, the company posted $0.19 earnings per share. On average, equities analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $201.23, for a total transaction of $10,541,232.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michelle Zatlyn sold 35,080 shares of the company’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 value of $6,573,641.20. Following the completion of the transaction, the insider directly owned 34,514 shares of the company’s stock, valued at approximately $6,467,578.46. This trade represents a 50.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 555,262 shares of company stock worth $104,705,441. 10.89% of the stock is currently owned by company insiders.

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.