Atika Capital Management LLC Sells 15,200 Shares of Cloudflare, Inc. (NYSE:NET)

Atika Capital Management LLC reduced its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 17.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,800 shares of the company’s stock after selling 15,200 shares during the quarter. Atika Capital Management LLC’s holdings in Cloudflare were worth $7,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Russell Investments Group Ltd. lifted its stake in Cloudflare by 169.4% during the 4th quarter. Russell Investments Group Ltd. now owns 181,293 shares of the company’s stock valued at $19,566,000 after acquiring an additional 113,986 shares during the period. Envestnet Asset Management Inc. lifted its position in Cloudflare by 21.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 200,514 shares of the company’s stock valued at $21,591,000 after purchasing an additional 34,765 shares during the period. Aviva PLC boosted its holdings in Cloudflare by 1.2% in the fourth quarter. Aviva PLC now owns 11,560 shares of the company’s stock worth $1,245,000 after purchasing an additional 133 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new stake in Cloudflare in the 4th quarter worth approximately $10,296,000. Finally, Proem Advisors LLC purchased a new stake in Cloudflare during the 4th quarter valued at $5,384,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Performance

NYSE NET opened at $97.39 on Friday. The stock has a market capitalization of $33.61 billion, a PE ratio of -442.68 and a beta of 1.59. 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 $136.35 and a two-hundred day simple moving average of $112.43. 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 announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share 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, research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 612,046 shares of company stock valued at $79,451,112 over the last ninety days. 12.83% of the stock is owned by insiders.

Analysts Set New Price Targets

NET has been the subject of several research analyst reports. Truist Financial lifted their price objective on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. UBS Group lowered their price objective on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Mizuho cut their target price on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Cantor Fitzgerald increased their price target on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Piper Sandler reduced their price objective on Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $135.64.

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.