Public Employees Retirement System of Ohio Sells 5,426 Shares of Cloudflare, Inc. (NYSE:NET)

Public Employees Retirement System of Ohio lessened its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,925 shares of the company's stock after selling 5,426 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Cloudflare were worth $8,811,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. CVA Family Office LLC increased its holdings in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company's stock valued at $25,000 after purchasing an additional 171 shares in the last quarter. Quarry LP raised its position in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company's stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Cloudflare during the third quarter valued at $38,000. Quest Partners LLC bought a new position in Cloudflare in the third quarter valued at about $54,000. Finally, Blue Trust Inc. increased its position in Cloudflare by 37,600.0% in the second quarter. Blue Trust Inc. now owns 754 shares of the company's stock worth $62,000 after purchasing an additional 752 shares during the period. 82.68% of the stock is owned by institutional investors.

Cloudflare Stock Performance

NYSE NET traded down $1.31 on Friday, hitting $113.58. 1,927,164 shares of the stock were exchanged, compared to its average volume of 3,157,219. The company has a market capitalization of $38.98 billion, a PE ratio of -436.85 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The business's fifty day moving average is $96.10 and its 200 day moving average is $84.95. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts' consensus estimates of ($0.03). The business had revenue of $430.08 million during the quarter, compared to analysts' expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Research analysts anticipate that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total transaction of $4,921,476.80. Following the completion of the sale, the chief executive officer now owns 10,761 shares of the company's stock, valued at approximately $1,010,995.95. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $113.16, for a total transaction of $2,901,422.40. Following the completion of the transaction, the chief operating officer now owns 172,959 shares in the company, valued at $19,572,040.44. This trade represents a 12.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,824 shares of company stock valued at $49,037,888. 12.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NET shares. BNP Paribas initiated coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 target price on the stock. Mizuho lifted their price objective on Cloudflare from $102.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday. Wells Fargo & Company increased their target price on Cloudflare from $105.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. UBS Group upped their price target on Cloudflare from $88.00 to $95.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Finally, Morgan Stanley upgraded shares of Cloudflare from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $92.00 to $130.00 in a report on Monday, December 2nd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $95.20.

About Cloudflare

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.