AQR Capital Management LLC Sells 43,699 Shares of Cloudflare, Inc. (NYSE:NET)

AQR Capital Management LLC lowered its position in Cloudflare, Inc. (NYSE:NET) by 83.7% in the 2nd quarter, Holdings Channel reports. The firm owned 8,481 shares of the company’s stock after selling 43,699 shares during the quarter. AQR Capital Management LLC’s holdings in Cloudflare were worth $702,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after acquiring an additional 740,914 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Cloudflare by 140.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 453,651 shares of the company’s stock worth $43,927,000 after acquiring an additional 265,281 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Cloudflare by 20.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock worth $84,745,000 after acquiring an additional 149,866 shares during the last quarter. Swiss National Bank increased its holdings in shares of Cloudflare by 2.0% during the first quarter. Swiss National Bank now owns 886,900 shares of the company’s stock valued at $85,879,000 after acquiring an additional 17,700 shares in the last quarter. Finally, Comerica Bank raised its position in shares of Cloudflare by 19.9% in the 1st quarter. Comerica Bank now owns 28,556 shares of the company’s stock valued at $2,765,000 after purchasing an additional 4,733 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of NYSE NET opened at $93.47 on Monday. The stock has a fifty day simple moving average of $80.88 and a two-hundred day simple moving average of $80.95. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The firm has a market cap of $31.76 billion, a price-to-earnings ratio of -176.36 and a beta of 1.10. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The company had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. During the same quarter last year, the business posted ($0.12) earnings per share. The firm’s revenue was up 30.0% compared to the same quarter last year. Analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current year.

Insider Activity at Cloudflare

In other news, COO Michelle Zatlyn sold 35,117 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the transaction, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $16,092,901.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cloudflare news, COO Michelle Zatlyn sold 35,117 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $83.74, for a total value of $2,940,697.58. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at $16,092,901.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Janel Riley sold 3,495 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the sale, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at $6,546,941.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 417,784 shares of company stock valued at $33,130,625 over the last 90 days. 12.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

NET has been the subject of a number of research reports. Robert W. Baird lifted their target price on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Scotiabank initiated coverage on shares of Cloudflare in a research report on Monday, July 8th. They issued a “sector perform” rating and a $85.00 target price on the stock. Guggenheim increased their price objective on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research note on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $135.00 target price on shares of Cloudflare in a report on Friday, August 2nd. Finally, Piper Sandler raised their price objective on Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $91.20.

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.