Employees Retirement System of Texas boosted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 14.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,087 shares of the company's stock after buying an additional 6,381 shares during the quarter. Employees Retirement System of Texas' holdings in Cloudflare were worth $5,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently made changes to their positions in the business. Hartline Investment Corp boosted its position in Cloudflare by 1.5% during the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company's stock valued at $28,464,000 after buying an additional 3,957 shares during the period. Birchcreek Wealth Management LLC bought a new stake in Cloudflare during the 4th quarter valued at $215,000. Strategic Blueprint LLC purchased a new stake in Cloudflare during the 4th quarter valued at $265,000. Clarendon Private LLC bought a new stake in Cloudflare in the 4th quarter worth $293,000. Finally, Savant Capital LLC purchased a new position in shares of Cloudflare in the fourth quarter valued at about $237,000. 82.68% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have commented on NET. Wells Fargo & Company upped their price target on Cloudflare from $135.00 to $150.00 and gave the company an "overweight" rating in a research report on Monday, January 27th. Oppenheimer assumed coverage on Cloudflare in a research note on Thursday, March 20th. They issued an "outperform" rating and a $150.00 price target for the company. DZ Bank downgraded shares of Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price objective on the stock. in a research report on Tuesday, February 11th. JMP Securities raised their target price on shares of Cloudflare from $135.00 to $180.00 and gave the stock a "market outperform" rating in a research report on Friday, February 7th. Finally, Mizuho reduced their price target on shares of Cloudflare from $160.00 to $140.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $134.88.
Check Out Our Latest Stock Report on NET
Cloudflare Stock Performance
Shares of NYSE:NET traded up $0.44 during trading on Friday, hitting $105.94. The company's stock had a trading volume of 3,131,743 shares, compared to its average volume of 3,189,531. The company has a 50-day moving average of $131.85 and a 200-day moving average of $113.71. 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 firm has a market cap of $36.56 billion, a price-to-earnings ratio of -481.56 and a beta of 1.59. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37.
Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.
Insiders Place Their Bets
In other news, insider Michelle Zatlyn sold 35,099 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $164.84, for a total value of $5,785,719.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 2,311 shares of the company's stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $107.75, for a total transaction of $249,010.25. Following the transaction, the chief executive officer now owns 413,413 shares of the company's stock, valued at approximately $44,545,250.75. This represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 561,973 shares of company stock worth $73,056,260 over the last three months. 12.83% of the stock is currently owned by company insiders.
About Cloudflare
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Free Report)
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.
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