Glynn Capital Management LLC Sells 36,021 Shares of Cloudflare, Inc. (NYSE:NET)

Glynn Capital Management LLC reduced its position in Cloudflare, Inc. (NYSE:NET) by 14.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 215,087 shares of the company’s stock after selling 36,021 shares during the quarter. Cloudflare comprises approximately 5.5% of Glynn Capital Management LLC’s investment portfolio, making the stock its 6th largest position. Glynn Capital Management LLC’s holdings in Cloudflare were worth $23,161,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Cloudflare by 1.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock valued at $138,516,000 after acquiring an additional 23,641 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Cloudflare by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock valued at $131,559,000 after acquiring an additional 63,945 shares during the last quarter. Swiss National Bank raised its holdings in Cloudflare by 1.1% in the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after acquiring an additional 10,100 shares during the last quarter. Finally, Peregrine Capital Management LLC lifted its stake in Cloudflare by 0.4% in the 4th quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock worth $71,250,000 after purchasing an additional 2,483 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $111.90, for a total transaction of $5,861,769.60. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,204,267.80. The trade was a 82.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michelle Zatlyn sold 35,099 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $164.84, for a total value of $5,785,719.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 504,382 shares of company stock valued at $66,194,115. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

NYSE NET opened at $114.99 on Wednesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market cap of $39.68 billion, a P/E ratio of -522.70 and a beta of 1.27. The stock has a 50-day moving average of $136.54 and a two-hundred day moving average of $109.42. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37.

Cloudflare (NYSE:NET) last announced 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 net margin of 4.72% and a negative return on equity of 5.52%. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NET. Piper Sandler dropped their price target on Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company upped their target price on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Needham & Company LLC reduced their price target on Cloudflare from $185.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Cantor Fitzgerald boosted their price target on shares of Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, Mizuho cut their price objective 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. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $130.04.

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.