Highland Capital Management LLC Lowers Stock Position in Cloudflare, Inc. (NYSE:NET)

Highland Capital Management LLC cut its stake in shares of Cloudflare, Inc. (NYSE:NET) by 74.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,200 shares of the company’s stock after selling 14,935 shares during the period. Highland Capital Management LLC’s holdings in Cloudflare were worth $560,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Hartline Investment Corp increased its holdings in Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after purchasing an additional 18,426 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare in the third quarter valued at $25,588,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after buying an additional 29,960 shares during the period. National Pension Service lifted its stake in Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after acquiring an additional 4,062 shares in the last quarter. Finally, Banque Cantonale Vaudoise boosted its holdings in Cloudflare by 20.8% during the 3rd quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company’s stock valued at $2,973,000 after acquiring an additional 6,326 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Stock Up 1.0 %

Shares of NYSE NET opened at $138.62 on Friday. The business has a 50-day moving average price of $114.40 and a 200 day moving average price of $94.56. The stock has a market cap of $47.57 billion, a PE ratio of -533.15 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $142.41.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Equities research analysts forecast that Cloudflare, Inc. will post -0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and increased their price target for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Mizuho raised their price target on shares of Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. UBS Group boosted their price target on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Morgan Stanley increased their price objective on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Finally, Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average price target of $109.72.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $24,422,966.37. This trade represents a 5.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the transaction, the chief executive officer now directly owns 192,177 shares in the company, valued at approximately $18,370,199.43. The trade was a 21.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 631,257 shares of company stock valued at $68,558,258. Insiders own 12.83% of the company’s stock.

About Cloudflare

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.