Public Employees Retirement System of Ohio Has $11.09 Million Holdings in Cloudflare, Inc. (NYSE:NET)

Public Employees Retirement System of Ohio cut its holdings in Cloudflare, Inc. (NYSE:NET) by 5.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,027 shares of the company’s stock after selling 5,898 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Cloudflare were worth $11,094,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Fourth Dimension Wealth LLC acquired a new stake in Cloudflare in the fourth quarter valued at about $69,000. Vise Technologies Inc. acquired a new stake in Cloudflare in the fourth quarter valued at about $417,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Cloudflare in the fourth quarter valued at about $43,000. JT Stratford LLC acquired a new stake in Cloudflare in the fourth quarter valued at about $305,000. Finally, Woodline Partners LP acquired a new stake in Cloudflare in the fourth quarter valued at about $6,638,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on NET. Robert W. Baird reiterated a “neutral” rating and issued a $140.00 target price (up from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Guggenheim increased their target price on Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a research report on Friday, May 9th. Bank of America upgraded Cloudflare from an “underperform” rating to a “buy” rating and increased their target price for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Stifel Nicolaus increased their target price on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Mizuho upgraded Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 target price for the company in a research report on Wednesday, April 16th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cloudflare presently has an average rating of “Hold” and an average price target of $141.79.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the completion of the sale, the chief executive officer now owns 413,413 shares in the company, valued at $59,279,290.07. The trade was a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $130.85, for a total value of $3,354,994.00. Following the sale, the insider now owns 413,413 shares of the company’s stock, valued at approximately $54,095,091.05. This represents a 5.84% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 564,297 shares of company stock worth $73,906,935. 12.83% of the stock is owned by corporate insiders.

Cloudflare Trading Up 0.1%

Shares of NET stock opened at $158.45 on Monday. The company has a market cap of $54.68 billion, a P/E ratio of -720.20 and a beta of 1.78. The stock has a 50 day simple moving average of $122.55 and a two-hundred day simple moving average of $122.50. 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, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The business had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.