ARK Investment Management LLC Cuts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

ARK Investment Management LLC reduced its position in shares of Cloudflare, Inc. (NYSE:NET) by 0.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 349,850 shares of the company’s stock after selling 609 shares during the period. ARK Investment Management LLC owned 0.10% of Cloudflare worth $37,672,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in shares of Cloudflare during the 3rd quarter worth approximately $25,588,000. Parnassus Investments LLC boosted its holdings in shares of Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock worth $11,196,000 after purchasing an additional 131,319 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after purchasing an additional 121,810 shares during the last quarter. Generate Investment Management Ltd acquired a new position in shares of Cloudflare during the 4th quarter worth approximately $12,946,000. Finally, Los Angeles Capital Management LLC boosted its holdings in shares of Cloudflare by 70.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 280,826 shares of the company’s stock worth $22,716,000 after purchasing an additional 116,130 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on NET shares. Royal Bank of Canada boosted their target price on Cloudflare from $123.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Susquehanna boosted their target price on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Robert W. Baird restated a “neutral” rating and set a $140.00 target price (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Morgan Stanley upped their price objective on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Finally, Mizuho upped their price objective on Cloudflare from $130.00 to $160.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $136.28.

Cloudflare Stock Down 3.2 %

Cloudflare stock opened at $143.22 on Wednesday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The stock’s fifty day simple moving average is $131.29 and its 200-day simple moving average is $104.42. 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 firm has a market capitalization of $49.15 billion, a P/E ratio of -651.01 and a beta of 1.12.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. As a group, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In related news, insider Michelle Zatlyn sold 35,099 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $164.84, for a total value of $5,785,719.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $113.00, for a total value of $5,919,392.00. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,216,106. This trade represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 533,278 shares of company stock valued at $66,134,227. 12.83% of the stock is currently owned by company 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.