Teacher Retirement System of Texas Invests $307,000 in Cloudflare, Inc. (NYSE:NET)

Teacher Retirement System of Texas purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,847 shares of the company's stock, valued at approximately $307,000.

Several other institutional investors have also modified their holdings of the company. Geode Capital Management LLC increased its position in Cloudflare by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company's stock valued at $390,130,000 after acquiring an additional 121,810 shares during the period. Generate Investment Management Ltd acquired a new position in shares of Cloudflare during the fourth quarter valued at $12,946,000. Worldquant Millennium Advisors LLC acquired a new stake in Cloudflare in the third quarter worth about $8,535,000. Proficio Capital Partners LLC bought a new position in Cloudflare in the 4th quarter valued at about $100,000. Finally, Erste Asset Management GmbH acquired a new position in Cloudflare during the 3rd quarter valued at about $6,548,000. Institutional investors own 82.68% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on NET. Royal Bank of Canada lowered their price objective on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group boosted their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a "hold" rating in a research note on Thursday, December 19th. Citigroup upgraded Cloudflare from a "neutral" rating to a "buy" rating and upped their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. Bank of America upgraded shares of Cloudflare from an "underperform" rating to a "buy" rating and boosted their price target for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Finally, Morgan Stanley initiated coverage on shares of Cloudflare in a research report on Tuesday, March 18th. They set an "overweight" rating for the company. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of "Hold" and a consensus price target of $135.64.

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Cloudflare Stock Down 9.3 %

Shares of NET traded down $10.00 during midday trading on Friday, reaching $97.39. 6,601,010 shares of the stock were exchanged, compared to its average volume of 3,126,532. The company has a market cap of $33.61 billion, a price-to-earnings ratio of -442.68 and a beta of 1.59. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The firm has a 50 day simple moving average of $136.35 and a 200-day simple moving average of $112.90.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) 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%. Research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the sale, the insider now directly owns 188,406 shares of the company's stock, valued at approximately $21,257,848.98. This represents a 4.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 612,046 shares of company stock valued at $79,451,112 over the last three months. 12.83% of the stock is currently owned by insiders.

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.