Pitcairn Co. Reduces Stock Position in Cloudflare, Inc. (NYSE:NET)

Pitcairn Co. trimmed its holdings in Cloudflare, Inc. (NYSE:NET) by 26.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,198 shares of the company’s stock after selling 1,547 shares during the period. Pitcairn Co.’s holdings in Cloudflare were worth $340,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CVA Family Office LLC grew its position in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after purchasing an additional 171 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare in the 2nd quarter worth about $29,000. Quarry LP grew its holdings in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares in the last quarter. Versant Capital Management Inc grew its position in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare in the third quarter worth $38,000. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Scotiabank boosted their target price on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Cantor Fitzgerald upped their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. UBS Group lifted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Royal Bank of Canada boosted their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Mizuho lifted their price objective on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $92.88.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 28,635 shares of Cloudflare stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $24,030,141.07. The trade was a 10.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the sale, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. This trade represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 546,194 shares of company stock worth $46,804,995. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Price Performance

NET stock opened at $102.24 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. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00. The firm has a 50-day moving average of $88.68 and a 200 day moving average of $81.76. The company has a market cap of $35.09 billion, a P/E ratio of -393.23 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.