California Public Employees Retirement System Sells 30,790 Shares of Cloudflare, Inc. (NYSE:NET)

California Public Employees Retirement System trimmed its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 6.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 462,015 shares of the company's stock after selling 30,790 shares during the period. California Public Employees Retirement System owned 0.13% of Cloudflare worth $49,750,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cloudflare in the fourth quarter valued at approximately $249,544,000. American Century Companies Inc. raised its holdings in Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the period. Pictet Asset Management Holding SA lifted its position in Cloudflare by 454.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company's stock worth $94,660,000 after acquiring an additional 720,568 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Cloudflare by 339.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 232,136 shares of the company's stock valued at $24,996,000 after acquiring an additional 179,303 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Cloudflare by 2.6% in 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 during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research firms recently weighed in on NET. Piper Sandler cut their price objective on Cloudflare from $153.00 to $131.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Morgan Stanley initiated coverage on Cloudflare in a research report on Tuesday, March 18th. They issued an "overweight" rating for the company. Susquehanna raised their price objective on shares of Cloudflare from $95.00 to $170.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. Cantor Fitzgerald increased their price target on shares of Cloudflare from $111.00 to $149.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Finally, The Goldman Sachs Group decreased their price target on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $135.64.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 33,864 shares of Cloudflare stock in a transaction on Friday, January 17th. The stock was sold at an average price of $119.40, for a total value of $4,043,361.60. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares of the company's stock, valued at approximately $30,192,558.60. This trade represents a 11.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 9,000 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total value of $1,015,470.00. Following the transaction, the insider now directly owns 188,406 shares in the company, valued at $21,257,848.98. This trade represents a 4.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 612,046 shares of company stock valued at $79,451,112 over the last ninety days. 12.83% of the stock is owned by insiders.

Cloudflare Price Performance

Shares of NYSE NET traded down $10.00 during mid-day trading on Friday, hitting $97.39. 6,601,010 shares of the stock were exchanged, compared to its average volume of 3,126,532. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The stock's fifty day simple moving average is $136.35 and its two-hundred day simple moving average is $112.90. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a market cap of $33.61 billion, a P/E ratio of -442.68 and a beta of 1.59.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal 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.