Cloudflare, Inc. $NET Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 4.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,887 shares of the company’s stock after acquiring an additional 2,208 shares during the period. Teacher Retirement System of Texas’ holdings in Cloudflare were worth $9,182,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in NET. GAMMA Investing LLC raised its position in shares of Cloudflare by 86.8% during the 1st quarter. GAMMA Investing LLC now owns 1,093 shares of the company’s stock valued at $123,000 after acquiring an additional 508 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Cloudflare by 22.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,457 shares of the company’s stock worth $502,000 after buying an additional 808 shares during the last quarter. Diversified Trust Co bought a new position in Cloudflare during the 1st quarter worth $339,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Cloudflare by 10.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,679 shares of the company’s stock worth $2,951,000 after buying an additional 2,500 shares during the last quarter. Finally, Sovran Advisors LLC grew its stake in Cloudflare by 45.2% during the 1st quarter. Sovran Advisors LLC now owns 2,990 shares of the company’s stock worth $323,000 after buying an additional 931 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Trading Up 1.7%

NYSE:NET opened at $227.71 on Thursday. Cloudflare, Inc. has a 1 year low of $85.60 and a 1 year high of $230.10. The stock has a market cap of $79.35 billion, a price-to-earnings ratio of -669.74 and a beta of 1.99. The business has a fifty day moving average of $215.83 and a 200-day moving average of $185.56. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The business had revenue of $512.32 million during the quarter, compared to analysts’ expectations of $501.58 million. During the same quarter last year, the business posted $0.20 earnings per share. The company’s quarterly revenue was up 27.8% on a year-over-year basis. Equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $217.12, for a total value of $11,373,614.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michelle Zatlyn sold 35,100 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $191.71, for a total value of $6,729,021.00. Following the completion of the transaction, the insider owned 14,575 shares of the company’s stock, valued at $2,794,173.25. This trade represents a 70.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 634,540 shares of company stock valued at $132,159,157 over the last 90 days. 10.89% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Cantor Fitzgerald upped their price objective on Cloudflare from $162.00 to $199.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Bank of America upped their price objective on Cloudflare from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Piper Sandler upped their price objective on Cloudflare from $151.00 to $224.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. KeyCorp upped their price objective on Cloudflare from $210.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Finally, DZ Bank restated a “sell” rating and set a $170.00 price objective on shares of Cloudflare in a research note on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $198.21.

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.