Harbor Capital Advisors Inc. Reduces Stake in Cloudflare, Inc. (NYSE:NET)

Harbor Capital Advisors Inc. lessened its stake in shares of Cloudflare, Inc. (NYSE:NET) by 38.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,054 shares of the company’s stock after selling 5,016 shares during the period. Harbor Capital Advisors Inc.’s holdings in Cloudflare were worth $867,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after purchasing an additional 119 shares during the period. Quarry LP increased its holdings in shares of Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the last quarter. Elo Mutual Pension Insurance Co raised its position in shares of Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after buying an additional 136 shares during the period. OneDigital Investment Advisors LLC lifted its holdings in Cloudflare by 3.5% in the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after acquiring an additional 137 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $110.59 on Tuesday. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $119.42. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $37.95 billion, a P/E ratio of -425.35 and a beta of 1.10. The firm’s 50 day moving average is $105.41 and its two-hundred day moving average is $90.48.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Research analysts forecast that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Insider Activity

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the completion of the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,226,652.76. This represents a 82.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares in the company, valued at approximately $25,573,904.64. The trade was a 5.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 592,236 shares of company stock valued at $61,512,210. Company insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NET shares. Wells Fargo & Company lifted their target price on Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday, January 7th. Scotiabank increased their target price on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their price target for the company from $95.00 to $136.00 in a research report on Tuesday, December 17th. Royal Bank of Canada upped their price objective on shares of Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Jefferies Financial Group boosted their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $102.30.

Cloudflare 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.