Perigon Wealth Management LLC Sells 2,456 Shares of Cloudflare, Inc. (NYSE:NET)

Perigon Wealth Management LLC trimmed its position in shares of Cloudflare, Inc. (NYSE:NET) by 16.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,113 shares of the company’s stock after selling 2,456 shares during the period. Perigon Wealth Management LLC’s holdings in Cloudflare were worth $1,391,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in Cloudflare during the third quarter valued at approximately $25,588,000. International Assets Investment Management LLC acquired a new stake in Cloudflare during the third quarter valued at approximately $147,160,000. Parnassus Investments LLC boosted its holdings in Cloudflare by 1,851.9% during the third quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after purchasing an additional 131,319 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its holdings in Cloudflare by 70.5% during the third quarter. Los Angeles Capital Management LLC now owns 280,826 shares of the company’s stock valued at $22,716,000 after purchasing an additional 116,130 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $136.44 on Thursday. The firm has a fifty day moving average of $113.05 and a two-hundred day moving average of $93.88. The stock has a market capitalization of $46.83 billion, a price-to-earnings ratio of -524.77 and a beta of 1.10. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $140.25. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

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

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the sale, the chief executive officer now owns 192,177 shares in the company, valued at $18,370,199.43. This represents a 21.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the completion of the sale, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $21,403,676.25. This represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 641,132 shares of company stock worth $69,429,058 in the last quarter. Corporate insiders own 12.83% of the company’s stock.

Analyst Ratings Changes

NET has been the topic of a number of recent research reports. The Goldman Sachs Group raised Cloudflare from a “sell” rating to a “buy” rating and lifted their price objective for the company from $77.00 to $140.00 in a report on Thursday, January 2nd. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. BNP Paribas initiated coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective on the stock. Morgan Stanley boosted their target price on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Finally, Piper Sandler boosted their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $109.72.

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.