Cloudflare, Inc. $NET Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 49.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 436,635 shares of the company’s stock after selling 429,162 shares during the period. Fred Alger Management LLC’s holdings in Cloudflare were worth $93,698,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brevan Howard Capital Management LP acquired a new stake in Cloudflare in the 3rd quarter valued at approximately $7,562,000. CSM Advisors LLC bought a new stake in Cloudflare during the 3rd quarter valued at $1,854,000. Capula Management Ltd acquired a new position in Cloudflare during the 3rd quarter worth $1,560,000. Circle Wealth Management LLC acquired a new position in Cloudflare during the 3rd quarter worth $686,000. Finally, Clark Capital Management Group Inc. bought a new position in shares of Cloudflare in the third quarter worth $346,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NET has been the topic of a number of research analyst reports. Scotiabank lowered their price target on Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 11th. Zacks Research lowered shares of Cloudflare from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cloudflare in a research report on Wednesday, January 21st. Needham & Company LLC lowered their target price on shares of Cloudflare from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Finally, Wolfe Research restated a “peer perform” rating on shares of Cloudflare in a research report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Cloudflare has an average rating of “Moderate Buy” and an average target price of $233.38.

Insider Buying and Selling

In related news, CAO Janel Riley sold 23,332 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $190.00, for a total value of $4,433,080.00. Following the sale, the chief accounting officer directly owned 56,791 shares in the company, valued at $10,790,290. The trade was a 29.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $189.50, for a total transaction of $4,858,969.50. Following the sale, the insider directly owned 34,514 shares of the company’s stock, valued at approximately $6,540,403. This represents a 42.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 523,690 shares of company stock worth $96,821,800 in the last ninety days. Insiders own 10.89% of the company’s stock.

Cloudflare Stock Up 0.2%

NET opened at $212.46 on Monday. 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 company has a market capitalization of $74.42 billion, a PE ratio of -732.59 and a beta of 1.98. The stock’s fifty day moving average is $185.42 and its 200-day moving average is $203.00. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00.

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

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.