Cloudflare, Inc. $NET Position Decreased by Sands Capital Management LLC

Sands Capital Management LLC lowered its holdings in Cloudflare, Inc. (NYSE:NET) by 22.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,808,319 shares of the company’s stock after selling 1,120,555 shares during the period. Cloudflare comprises 2.3% of Sands Capital Management LLC’s holdings, making the stock its 18th biggest holding. Sands Capital Management LLC owned about 1.09% of Cloudflare worth $817,227,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NET. Mackenzie Financial Corp boosted its holdings in Cloudflare by 7.1% during the third quarter. Mackenzie Financial Corp now owns 20,714 shares of the company’s stock worth $4,445,000 after buying an additional 1,369 shares in the last quarter. Quadrant Capital Group LLC bought a new position in shares of Cloudflare in the third quarter valued at $150,000. Capital International Sarl lifted its position in shares of Cloudflare by 1.5% during the 3rd quarter. Capital International Sarl now owns 245,763 shares of the company’s stock valued at $52,738,000 after acquiring an additional 3,727 shares during the last quarter. Capital International Inc. CA lifted its position in shares of Cloudflare by 5.9% during the 3rd quarter. Capital International Inc. CA now owns 142,650 shares of the company’s stock valued at $30,611,000 after acquiring an additional 7,895 shares during the last quarter. Finally, Pinkerton Wealth LLC boosted its stake in shares of Cloudflare by 3.1% during the 3rd quarter. Pinkerton Wealth LLC now owns 4,772 shares of the company’s stock worth $1,024,000 after acquiring an additional 145 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NET shares. Royal Bank Of Canada lifted their target price on Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, February 11th. UBS Group reaffirmed a “neutral” rating and set a $220.00 target price on shares of Cloudflare in a report on Wednesday, February 11th. DZ Bank raised Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price target on the stock in a research note on Friday, February 13th. New Street Research set a $140.00 price objective on Cloudflare in a report on Wednesday, February 11th. Finally, Scotiabank cut their price objective on Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Cloudflare presently has an average rating of “Moderate Buy” and a consensus target price of $230.70.

Cloudflare Price Performance

Shares of NYSE:NET opened at $207.69 on Wednesday. The company’s fifty day moving average is $184.48 and its two-hundred day moving average is $202.74. The company has a market cap of $72.75 billion, a P/E ratio of -716.14 and a beta of 1.98. Cloudflare, Inc. has a 12-month low of $89.42 and a 12-month high of $260.00. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35.

Cloudflare (NYSE:NET) last issued its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. During the same quarter last year, the firm posted $0.19 earnings per share. Cloudflare’s revenue was up 33.6% compared to the same quarter last year. Equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $173.78, for a total transaction of $9,103,291.52. Following the completion of the sale, the chief executive officer directly owned 22,911 shares in the company, valued at approximately $3,981,473.58. This trade represents a 69.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John Graham-Cumming sold 2,520 shares of Cloudflare stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $173.35, for a total value of $436,842.00. Following the transaction, the director directly owned 495,191 shares in the company, valued at approximately $85,841,359.85. This trade represents a 0.51% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 551,851 shares of company stock worth $102,673,182. 10.89% of the stock is currently owned by company insiders.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.