Norden Group LLC Trims Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Norden Group LLC decreased its stake in Cloudflare, Inc. (NYSE:NET) by 12.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,423 shares of the company’s stock after selling 4,949 shares during the quarter. Norden Group LLC’s holdings in Cloudflare were worth $3,707,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Smartleaf Asset Management LLC increased its position in Cloudflare by 65.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,243 shares of the company’s stock worth $136,000 after buying an additional 492 shares in the last quarter. Metis Global Partners LLC grew its position in shares of Cloudflare by 10.4% during the fourth quarter. Metis Global Partners LLC now owns 4,179 shares of the company’s stock worth $450,000 after purchasing an additional 393 shares in the last quarter. US Bancorp DE grew its position in shares of Cloudflare by 2.6% during the fourth quarter. US Bancorp DE now owns 35,828 shares of the company’s stock worth $3,858,000 after purchasing an additional 908 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $100,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Cloudflare during the fourth quarter worth about $416,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

NET has been the subject of several research analyst reports. Truist Financial increased their target price on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Scotiabank increased their target price on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Guggenheim increased their target price on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research report on Friday, February 7th. JPMorgan Chase & Co. increased their target price on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Stifel Nicolaus raised their price target on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a report on Friday, February 7th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $136.28.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $109.90, for a total value of $1,648,500.00. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $27,790,303.10. The trade was a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 638,046 shares of company stock valued at $81,243,344. Insiders own 12.83% of the company’s stock.

Cloudflare Price Performance

NYSE:NET opened at $145.48 on Friday. The firm has a market capitalization of $49.93 billion, a price-to-earnings ratio of -661.26 and a beta of 1.12. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The business has a 50 day simple moving average of $133.31 and a 200-day simple moving average of $105.43. 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 issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Cloudflare Company 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.