Glynn Capital Management LLC Reduces Stake in Cloudflare, Inc. (NYSE:NET)

Glynn Capital Management LLC decreased its holdings in Cloudflare, Inc. (NYSE:NET) by 14.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 215,087 shares of the company’s stock after selling 36,021 shares during the period. Cloudflare comprises approximately 5.5% of Glynn Capital Management LLC’s investment portfolio, making the stock its 6th biggest holding. Glynn Capital Management LLC owned about 0.06% of Cloudflare worth $23,161,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of NET. Quarry LP raised its position in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares in the last quarter. Larson Financial Group LLC raised its holdings in Cloudflare by 1,988.5% in the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after purchasing an additional 517 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after buying an additional 170 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after buying an additional 217 shares in the last quarter. Finally, Quest Partners LLC purchased a new position in shares of Cloudflare in the 3rd quarter worth approximately $54,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $59,961,421.52. The trade was a 11.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 504,382 shares of company stock valued at $66,194,115. 12.83% of the stock is owned by company insiders.

Cloudflare Price Performance

Shares of NYSE NET opened at $114.99 on Wednesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a market capitalization of $39.68 billion, a price-to-earnings ratio of -522.70 and a beta of 1.27. The firm’s 50 day simple moving average is $136.54 and its 200-day simple moving average is $109.42. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Robert W. Baird restated a “neutral” rating and issued a $140.00 target price (up from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $95.00 to $145.00 in a research report on Friday, January 17th. DZ Bank lowered Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price on the stock. in a research report on Tuesday, February 11th. Stifel Nicolaus raised their price target on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, UBS Group cut their price objective on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $130.04.

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.