Teachers Retirement System of The State of Kentucky Cuts Stake in Cloudflare, Inc. $NET

by · The Markets Daily

Teachers Retirement System of The State of Kentucky reduced its stake in Cloudflare, Inc. (NYSE:NET – Free Report) by 26.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,939 shares of the company’s stock after selling 59,877 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Cloudflare were worth $36,038,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Reliant Investment Partners LLC lifted its position in shares of Cloudflare by 1.5% during the 3rd quarter. Reliant Investment Partners LLC now owns 3,316 shares of the company’s stock worth $718,000 after purchasing an additional 50 shares during the last quarter. Frank Rimerman Advisors LLC raised its stake in Cloudflare by 1.8% in the third quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company’s stock valued at $605,000 after buying an additional 51 shares in the last quarter. Huntington National Bank raised its stake in Cloudflare by 22.8% in the second quarter. Huntington National Bank now owns 280 shares of the company’s stock valued at $55,000 after buying an additional 52 shares in the last quarter. Bogart Wealth LLC lifted its holdings in Cloudflare by 28.0% during the 3rd quarter. Bogart Wealth LLC now owns 270 shares of the company’s stock worth $58,000 after buying an additional 59 shares during the last quarter. Finally, Rothschild Investment LLC boosted its position in shares of Cloudflare by 37.4% during the 3rd quarter. Rothschild Investment LLC now owns 224 shares of the company’s stock worth $48,000 after acquiring an additional 61 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $201.23, for a total value of $10,541,232.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 41,557 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the transaction, the chief financial officer directly owned 85,452 shares in the company, valued at approximately $15,812,038.08. This trade represents a 32.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 607,646 shares of company stock worth $115,296,962. 10.89% of the stock is owned by insiders.

Cloudflare Stock Performance

NYSE NET opened at $180.99 on Tuesday. The firm has a market cap of $63.40 billion, a P/E ratio of -624.08 and a beta of 1.98. Cloudflare, Inc. has a 52-week low of $89.42 and a 52-week high of $260.00. The business’s 50-day moving average price is $185.44 and its 200 day moving average price is $202.87. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35.

Cloudflare (NYSE:NET – Get Free Report) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. During the same period in the prior year, the business earned $0.19 EPS. The firm’s revenue was up 33.6% compared to the same quarter last year. On average, equities research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NET shares. DZ Bank upgraded Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price objective on the stock in a report on Friday, February 13th. Needham & Company LLC dropped their price target on shares of Cloudflare from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. BTIG Research raised their price objective on shares of Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. TD Cowen restated a “buy” rating on shares of Cloudflare in a report on Tuesday, January 27th. Finally, Susquehanna set a $190.00 target price on shares of Cloudflare in a research report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cloudflare presently has an average rating of “Moderate Buy” and an average target price of $230.70.

Check Out Our Latest Research Report on NET

Cloudflare Company Profile

(Free Report)

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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