Teachers Retirement System of The State of Kentucky Trims Position in Cloudflare, Inc. (NYSE:NET)

Teachers Retirement System of The State of Kentucky trimmed its position in Cloudflare, Inc. (NYSE:NET) by 10.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,781 shares of the company’s stock after selling 18,309 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Cloudflare were worth $13,054,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Capital World Investors boosted its holdings in Cloudflare by 1.8% in the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after purchasing an additional 487,308 shares during the period. Vanguard Group Inc. grew its position in Cloudflare by 1.5% during the third quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company’s stock worth $1,728,448,000 after buying an additional 395,363 shares in the last quarter. 1832 Asset Management L.P. increased its stake in Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after acquiring an additional 1,597,900 shares during the last quarter. Norges Bank purchased a new stake in shares of Cloudflare in the 4th quarter valued at about $221,858,000. Finally, Northern Trust Corp boosted its position in shares of Cloudflare by 3.1% during the 3rd quarter. Northern Trust Corp now owns 1,733,639 shares of the company’s stock valued at $109,289,000 after acquiring an additional 51,345 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Up 2.8 %

Shares of Cloudflare stock traded up $2.08 during midday trading on Friday, reaching $75.59. 2,535,988 shares of the company’s stock traded hands, compared to its average volume of 3,013,218. The stock has a 50 day moving average of $79.33 and a 200-day moving average of $85.30. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The business had revenue of $378.60 million during the quarter, compared to analyst estimates of $372.93 million. Analysts forecast that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NET. Royal Bank of Canada decreased their price objective on shares of Cloudflare from $108.00 to $90.00 and set an “outperform” rating on the stock in a research report on Friday, May 31st. Piper Sandler restated a “neutral” rating and set a $81.00 price objective (down previously from $110.00) on shares of Cloudflare in a research report on Friday, May 3rd. Mizuho cut their target price on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Oppenheimer lowered their price target on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Finally, TD Cowen cut their price objective on Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $90.70.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $96.04, for a total value of $5,030,959.36. Following the completion of the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at approximately $22,147,976.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Katrin Suder sold 574 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total value of $38,521.14. Following the completion of the transaction, the director now directly owns 51,162 shares in the company, valued at approximately $3,433,481.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $96.04, for a total transaction of $5,030,959.36. Following the completion of the transaction, the chief executive officer now owns 230,612 shares of the company’s stock, valued at $22,147,976.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 670,087 shares of company stock worth $54,858,971. 12.83% of the stock is currently owned by corporate 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.