Cloudflare, Inc. $NET Stake Boosted by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System increased its holdings in Cloudflare, Inc. (NYSE:NET) by 15.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,448 shares of the company’s stock after buying an additional 2,666 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Cloudflare were worth $6,754,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. GK Wealth Management LLC purchased a new stake in Cloudflare during the third quarter valued at approximately $25,000. Cornerstone Financial Management LLC boosted its stake in shares of Cloudflare by 65.3% during the 2nd quarter. Cornerstone Financial Management LLC now owns 119 shares of the company’s stock worth $29,000 after acquiring an additional 47 shares during the last quarter. C M Bidwell & Associates Ltd. purchased a new position in shares of Cloudflare during the 2nd quarter worth $30,000. CX Institutional grew its position in shares of Cloudflare by 49.4% during the 2nd quarter. CX Institutional now owns 133 shares of the company’s stock valued at $33,000 after acquiring an additional 44 shares during the period. Finally, Cape Investment Advisory Inc. bought a new stake in shares of Cloudflare during the 2nd quarter valued at $33,000. 82.68% of the stock is currently owned by institutional investors.

Key Headlines Impacting Cloudflare

Here are a few of the latest headlines about NET:

• Positive Sentiment: Cloudflare reported third-quarter revenue of $782.5 million, up 39% year over year and ahead of expectations. It also raised its fourth-quarter and full-year sales guidance and moved up its expected timeline for GAAP profitability—signals that could reinforce confidence in its growth outlook. Article: How Earnings Beat Will Impact Cloudflare Stock Investors
• Neutral Sentiment: Although Wall Street recommendations are broadly bullish, one report cautions that analyst ratings can be overly optimistic, so they may not by themselves validate the stock’s prospects. Article: Is It Worth Investing in Cloudflare Based on Wall Street’s Bullish Views?
• Negative Sentiment: Valuation and pullback risk remain concerns after a strong run. A Trefis article specifically examines how large a future decline could be, underscoring the potential for volatility if growth expectations disappoint. Article: How Big Could Cloudflare Stock’s Next Fall Be?

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. TD Cowen lowered Cloudflare from a “buy” rating to a “hold” rating in a research note on Tuesday, November 3rd. Craig Hallum upgraded Cloudflare to a “buy” rating in a research report on Tuesday, November 3rd. BTIG Research boosted their price target on Cloudflare from $382.00 to $413.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. UBS Group assumed coverage on Cloudflare in a research report on Tuesday, November 3rd. They issued a “buy” rating for the company. Finally, KeyCorp upped their price target on Cloudflare from $300.00 to $375.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Twenty-six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Moderate Buy” and an average target price of $338.48.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas Seifert sold 12,500 shares of the stock in a transaction on Monday, October 19th. The stock was sold at an average price of $299.59, for a total value of $3,744,875.00. Following the completion of the sale, the chief financial officer owned 104,958 shares in the company, valued at approximately $31,444,367.22. This represents a 10.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Carl Ledbetter sold 5,000 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $312.22, for a total value of $1,561,100.00. Following the sale, the director directly owned 878,073 shares in the company, valued at approximately $274,151,952.06. This represents a 0.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 256,537 shares of company stock valued at $78,750,901. Company insiders own 10.66% of the company’s stock.

Cloudflare Stock Performance

NET opened at $319.62 on Friday. The company has a 50 day simple moving average of $319.66 and a two-hundred day simple moving average of $252.42. The company has a debt-to-equity ratio of 3.03, a current ratio of 3.80 and a quick ratio of 3.80. The firm has a market cap of $112.98 billion, a P/E ratio of -470.02, a PEG ratio of 181.45 and a beta of 1.37. Cloudflare, Inc. has a 1-year low of $158.83 and a 1-year high of $370.35.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. Cloudflare had a negative net margin of 8.75% and a negative return on equity of 6.05%. The firm had revenue of $782.51 million for the quarter, compared to the consensus estimate of $737.16 million. During the same period last year, the firm earned $0.27 EPS. The company’s revenue was up 39.2% on a year-over-year basis. Equities analysts forecast that Cloudflare, Inc. will post 0.04 earnings per share for the current fiscal year.

About Cloudflare

Cloudflare, Inc. provides cloud-based services that help businesses and other organizations protect, connect and improve the performance of websites, applications and networks. Its global network delivers services including content delivery, domain name system management, and protection against distributed denial-of-service attacks and other cyber threats. The company also offers web application security, bot management and Zero Trust services for securing access to applications and internal networks.