Cloudflare, Inc. $NET Holdings Cut by Sands Capital Management LLC

Sands Capital Management LLC lowered its stake in shares of Cloudflare, Inc. (NYSE:NET) by 22.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,808,319 shares of the company’s stock after selling 1,120,555 shares during the period. Cloudflare accounts for about 2.3% of Sands Capital Management LLC’s holdings, making the stock its 18th biggest position. Sands Capital Management LLC’s holdings in Cloudflare were worth $817,227,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of NET. Physician Wealth Advisors Inc. raised its holdings in shares of Cloudflare by 693.3% during the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after acquiring an additional 104 shares in the last quarter. Westside Investment Management Inc. grew its stake in Cloudflare by 100.0% in the third quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after purchasing an additional 65 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in Cloudflare in the 2nd quarter worth about $29,000. ORG Wealth Partners LLC increased its position in Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock worth $30,000 after purchasing an additional 70 shares during the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in shares of Cloudflare during the 3rd quarter worth about $31,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NYSE:NET opened at $207.69 on Wednesday. The stock has a market capitalization of $72.75 billion, a P/E ratio of -716.14 and a beta of 1.98. The business has a 50-day moving average of $184.48 and a two-hundred day moving average of $202.74. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. During the same quarter in the prior year, the firm posted $0.19 EPS. The firm’s revenue for the quarter was up 33.6% on a year-over-year basis. On average, equities research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 41,557 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $185.04, for a total value of $7,689,707.28. Following the completion of the sale, the chief financial officer directly owned 85,452 shares in the company, valued at approximately $15,812,038.08. The trade was a 32.72% 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, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $189.47, for a total transaction of $9,925,196.48. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 551,851 shares of company stock worth $102,673,182 over the last 90 days. Insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Guggenheim lifted their price target on Cloudflare from $117.00 to $140.00 and gave the company a “sell” rating in a report on Wednesday, February 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Cloudflare in a report on Wednesday, January 21st. New Street Research set a $140.00 price objective on shares of Cloudflare in a research report on Wednesday, February 11th. Wells Fargo & Company lifted their target price on shares of Cloudflare from $265.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $224.00 target price on shares of Cloudflare in a research report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Moderate Buy” and an average price target of $230.70.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.