Independence Bank of Kentucky Decreases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Independence Bank of Kentucky reduced its position in shares of Cloudflare, Inc. (NYSE:NET) by 8.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,735 shares of the company’s stock after selling 425 shares during the period. Independence Bank of Kentucky’s holdings in Cloudflare were worth $510,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. CVA Family Office LLC grew its position in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares during the last quarter. Quarry LP boosted its holdings in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Cloudflare during the 3rd quarter valued at $38,000. Versant Capital Management Inc raised its holdings in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after purchasing an additional 217 shares during the period. 82.68% of the stock is owned by institutional investors.

Cloudflare Price Performance

NET opened at $138.62 on Friday. The company’s 50-day simple moving average is $114.40 and its two-hundred day simple moving average is $94.64. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market capitalization of $47.57 billion, a P/E ratio of -533.15 and a beta of 1.10. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $142.41.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on NET shares. Mizuho increased their price target on shares of Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. UBS Group increased their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. BNP Paribas started coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target on the stock. Piper Sandler increased their price objective on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group boosted their target price on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average target price of $109.72.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total transaction of $5,007,386.56. Following the completion of the sale, the chief executive officer now owns 192,177 shares of the company’s stock, valued at $18,370,199.43. The trade was a 21.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $86.79, for a total value of $1,301,850.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at approximately $24,422,966.37. This represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 631,257 shares of company stock valued at $68,558,258 over the last 90 days. Company insiders own 12.83% of the company’s stock.

Cloudflare 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.