SW Investment Management LLC Sells 150,000 Shares of Cloudflare, Inc. (NYSE:NET)

SW Investment Management LLC lowered its holdings in Cloudflare, Inc. (NYSE:NETFree Report) by 21.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 550,000 shares of the company’s stock after selling 150,000 shares during the period. Cloudflare makes up 15.4% of SW Investment Management LLC’s portfolio, making the stock its 3rd biggest position. SW Investment Management LLC owned about 0.16% of Cloudflare worth $34,672,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in Cloudflare by 48.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock valued at $1,066,000 after purchasing an additional 2,912 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in Cloudflare during the 1st quarter valued at $1,950,000. Synovus Financial Corp acquired a new stake in Cloudflare during the 1st quarter valued at $439,000. Cibc World Market Inc. grew its holdings in Cloudflare by 16.8% during the 1st quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock valued at $2,611,000 after purchasing an additional 3,140 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Cloudflare by 10.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock valued at $21,732,000 after purchasing an additional 17,681 shares in the last quarter. Institutional investors and hedge funds own 73.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NET. Truist Financial raised their price target on shares of Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. Sanford C. Bernstein began coverage on shares of Cloudflare in a report on Thursday, January 18th. They set a “market perform” rating and a $85.00 price objective for the company. Cantor Fitzgerald reissued a “neutral” rating and set a $100.00 price objective (up from $70.00) on shares of Cloudflare in a report on Friday, February 9th. JPMorgan Chase & Co. raised their price objective on shares of Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Finally, Capital One Financial began coverage on shares of Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective for the company. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus price target of $87.50.

Read Our Latest Stock Analysis on Cloudflare

Cloudflare Stock Performance

NYSE:NET traded down $0.73 during mid-day trading on Wednesday, hitting $97.52. The stock had a trading volume of 2,520,626 shares, compared to its average volume of 4,640,732. The stock has a market capitalization of $32.74 billion, a price-to-earnings ratio of -178.63 and a beta of 1.10. The company has a 50 day simple moving average of $86.53 and a 200-day simple moving average of $73.13. Cloudflare, Inc. has a 52 week low of $39.90 and a 52 week high of $116.00. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 400 shares of Cloudflare stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $80.00, for a total value of $32,000.00. Following the sale, the chief financial officer now directly owns 243,495 shares in the company, valued at approximately $19,479,600. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 400 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $80.00, for a total transaction of $32,000.00. Following the transaction, the chief financial officer now owns 243,495 shares of the company’s stock, valued at approximately $19,479,600. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $77.49, for a total transaction of $4,059,236.16. Following the transaction, the chief executive officer now directly owns 10,723 shares in the company, valued at approximately $830,925.27. The disclosure for this sale can be found here. Insiders have sold a total of 1,088,215 shares of company stock worth $97,991,557 in the last ninety days. 14.80% of the stock is owned by insiders.

Cloudflare Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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