Intech Investment Management LLC Sells 11,788 Shares of Cloudflare, Inc. (NYSE:NET)

Intech Investment Management LLC cut its holdings in Cloudflare, Inc. (NYSE:NET) by 46.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,581 shares of the company’s stock after selling 11,788 shares during the period. Intech Investment Management LLC’s holdings in Cloudflare were worth $1,099,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Advisors Asset Management Inc. grew its stake in Cloudflare by 15.6% in the 1st quarter. Advisors Asset Management Inc. now owns 1,761 shares of the company’s stock valued at $171,000 after purchasing an additional 237 shares during the period. B. Riley Wealth Advisors Inc. grew its position in Cloudflare by 26.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 3,936 shares of the company’s stock valued at $381,000 after buying an additional 828 shares during the period. California State Teachers Retirement System increased its holdings in Cloudflare by 4.8% during the first quarter. California State Teachers Retirement System now owns 447,813 shares of the company’s stock worth $43,362,000 after buying an additional 20,533 shares during the last quarter. Comerica Bank raised its position in Cloudflare by 19.9% in the first quarter. Comerica Bank now owns 28,556 shares of the company’s stock worth $2,765,000 after acquiring an additional 4,733 shares during the period. Finally, Plato Investment Management Ltd grew its position in shares of Cloudflare by 897.0% during the 1st quarter. Plato Investment Management Ltd now owns 5,603 shares of the company’s stock valued at $543,000 after acquiring an additional 5,041 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $78.06, for a total transaction of $4,089,095.04. Following the transaction, the chief executive officer now directly owns 10,761 shares in the company, valued at $840,003.66. This trade represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michelle Zatlyn sold 64,100 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $15,681,643.20. This trade represents a 25.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 606,952 shares of company stock valued at $53,078,202. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Trading Down 2.8 %

Shares of Cloudflare stock opened at $99.38 on Thursday. The company has a 50 day simple moving average of $89.15 and a two-hundred day simple moving average of $81.98. The firm has a market cap of $34.11 billion, a PE ratio of -381.65 and a beta of 1.10. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00. 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 (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 net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NET has been the topic of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. 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. Wells Fargo & Company lifted their price objective on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Mizuho upped their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Cantor Fitzgerald boosted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $92.88.

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.