Marshall Wace LLP Sells 1,265,873 Shares of Cloudflare, Inc. (NYSE:NET)

Marshall Wace LLP lowered its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 43.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,635,262 shares of the company’s stock after selling 1,265,873 shares during the quarter. Marshall Wace LLP’s holdings in Cloudflare were worth $176,085,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC increased its position in Cloudflare by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock worth $526,986,000 after buying an additional 68,661 shares during the last quarter. Groupama Asset Managment acquired a new position in shares of Cloudflare during the 4th quarter valued at about $269,200,000. Norges Bank bought a new position in shares of Cloudflare in the 4th quarter valued at approximately $249,544,000. American Century Companies Inc. lifted its holdings in Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Cloudflare by 1.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after purchasing an additional 23,641 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Price Performance

NYSE:NET opened at $109.02 on Wednesday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $37.62 billion, a PE ratio of -495.54 and a beta of 1.59. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The company’s 50-day moving average price is $131.11 and its two-hundred day moving average price is $113.89.

Cloudflare (NYSE:NET) last announced its 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 return on equity of 5.52% and a negative net margin of 4.72%. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on NET. Cantor Fitzgerald upped their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Piper Sandler decreased their price target on shares of Cloudflare from $131.00 to $112.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Needham & Company LLC dropped their price objective on Cloudflare from $185.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Scotiabank increased their target price on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 21st. Finally, The Goldman Sachs Group lowered their target price on Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average target price of $134.88.

Insider Activity

In other news, CFO Thomas J. Seifert sold 33,864 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $119.40, for a total transaction of $4,043,361.60. Following the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $30,192,558.60. This represents a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the completion of the sale, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at approximately $59,279,290.07. This represents a 11.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 561,973 shares of company stock worth $73,056,260. 12.83% of the stock is owned by corporate insiders.

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.