Candriam S.C.A. Sells 11,273 Shares of Cloudflare, Inc. $NET

Candriam S.C.A. trimmed its position in Cloudflare, Inc. (NYSE:NET) by 16.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,702 shares of the company’s stock after selling 11,273 shares during the period. Candriam S.C.A.’s holdings in Cloudflare were worth $11,104,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Daymark Wealth Partners LLC boosted its position in Cloudflare by 1.1% during the 2nd quarter. Daymark Wealth Partners LLC now owns 4,556 shares of the company’s stock worth $892,000 after acquiring an additional 51 shares during the last quarter. Huntington National Bank lifted its position in shares of Cloudflare by 22.8% in the second quarter. Huntington National Bank now owns 280 shares of the company’s stock worth $55,000 after purchasing an additional 52 shares in the last quarter. ORG Partners LLC lifted its position in shares of Cloudflare by 11.9% in the second quarter. ORG Partners LLC now owns 498 shares of the company’s stock worth $92,000 after purchasing an additional 53 shares in the last quarter. Fiduciary Planning LLC boosted its holdings in Cloudflare by 3.0% during the second quarter. Fiduciary Planning LLC now owns 1,854 shares of the company’s stock worth $363,000 after purchasing an additional 54 shares during the last quarter. Finally, Yousif Capital Management LLC grew its position in Cloudflare by 1.9% in the second quarter. Yousif Capital Management LLC now owns 4,044 shares of the company’s stock valued at $792,000 after purchasing an additional 75 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 15,000 shares of the company’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $210.65, for a total value of $3,159,750.00. Following the transaction, the director directly owned 998,073 shares in the company, valued at $210,244,077.45. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $211.81, for a total transaction of $2,118,100.00. Following the completion of the transaction, the chief financial officer directly owned 189,517 shares in the company, valued at $40,141,595.77. The trade was a 5.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 638,060 shares of company stock worth $133,217,328. 10.89% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NET shares. Jefferies Financial Group started coverage on shares of Cloudflare in a research report on Friday, October 31st. They set a “hold” rating and a $250.00 price target on the stock. Mizuho upped their target price on Cloudflare from $240.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Piper Sandler raised their price target on Cloudflare from $224.00 to $249.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Oppenheimer initiated coverage on Cloudflare in a research report on Monday, November 10th. They set an “outperform” rating and a $260.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cloudflare in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.35.

Cloudflare Stock Performance

NET opened at $210.74 on Friday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a 12-month low of $87.77 and a 12-month high of $260.00. The business has a 50 day moving average of $222.05 and a 200-day moving average of $195.01. The stock has a market cap of $73.82 billion, a price-to-earnings ratio of -702.47 and a beta of 2.10.

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.