Fred Alger Management LLC Sells 205,023 Shares of Cloudflare, Inc. (NYSE:NET)

Fred Alger Management LLC lowered its position in shares of Cloudflare, Inc. (NYSE:NET) by 67.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 97,695 shares of the company’s stock after selling 205,023 shares during the period. Fred Alger Management LLC’s holdings in Cloudflare were worth $7,903,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. grew its holdings in shares of Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after purchasing an additional 2,575,396 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Cloudflare by 1.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after acquiring an additional 19,446 shares during the period. Marshall Wace LLP raised its stake in shares of Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Cloudflare by 24.8% during the second quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock worth $115,526,000 after purchasing an additional 277,228 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Cloudflare by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 1,251,670 shares of the company’s stock worth $103,676,000 after purchasing an additional 35,884 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total value of $4,089,095.04. Following the completion of the transaction, the chief executive officer now owns 10,761 shares in the company, valued at $840,003.66. This represents a 82.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total transaction of $244,590.00. Following the sale, the insider now owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This trade represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 606,952 shares of company stock worth $53,078,202. 12.83% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on NET shares. Wells Fargo & Company lifted their target price on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. UBS Group upped their target price on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Mizuho raised their price target on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Scotiabank boosted their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Finally, BNP Paribas initiated coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $92.88.

Cloudflare Price Performance

Shares of NYSE NET opened at $99.83 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a 50-day moving average price of $90.25 and a 200-day moving average price of $82.47. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00.

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

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.