Cloudflare, Inc. $NET Shares Acquired by California Public Employees Retirement System

California Public Employees Retirement System boosted its holdings in Cloudflare, Inc. (NYSE:NET) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 520,870 shares of the company’s stock after acquiring an additional 14,827 shares during the quarter. California Public Employees Retirement System’s holdings in Cloudflare were worth $111,773,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Reliant Investment Partners LLC grew its stake in shares of Cloudflare by 1.5% in 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 grew its position in Cloudflare by 1.8% in the third quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company’s stock worth $605,000 after buying an additional 51 shares during the last quarter. Brown Brothers Harriman & Co. grew its position in Cloudflare by 55.4% in the third quarter. Brown Brothers Harriman & Co. now owns 157 shares of the company’s stock worth $34,000 after buying an additional 56 shares during the last quarter. Bogart Wealth LLC increased its holdings in shares of Cloudflare by 28.0% in the third quarter. Bogart Wealth LLC now owns 270 shares of the company’s stock valued at $58,000 after buying an additional 59 shares in the last quarter. Finally, Rothschild Investment LLC increased its holdings in shares of Cloudflare by 37.4% in the third quarter. Rothschild Investment LLC now owns 224 shares of the company’s stock valued at $48,000 after buying an additional 61 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on NET. Needham & Company LLC reduced their price objective on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. KeyCorp reaffirmed an “overweight” rating on shares of Cloudflare in a report on Wednesday, February 11th. Piper Sandler increased their price target on Cloudflare from $220.00 to $222.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. Susquehanna set a $190.00 price target on Cloudflare in a research note on Thursday, February 12th. Finally, UBS Group reiterated a “neutral” rating and issued a $220.00 target price on shares of Cloudflare in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Cloudflare has an average rating of “Moderate Buy” and a consensus target price of $233.38.

Insider Activity

In other news, insider Michelle Zatlyn sold 35,080 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total value of $6,573,641.20. Following the transaction, the insider directly owned 34,514 shares of the company’s stock, valued at approximately $6,467,578.46. This represents a 50.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 41,557 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the sale, the chief financial officer owned 85,452 shares of the company’s stock, valued at approximately $15,812,038.08. This represents a 32.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 523,690 shares of company stock worth $96,821,800 in the last ninety days. Corporate insiders own 10.89% of the company’s stock.

Cloudflare Trading Down 2.3%

NYSE:NET opened at $207.47 on Tuesday. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00. The stock’s 50-day moving average is $185.61 and its two-hundred day moving average is $202.96. The stock has a market cap of $72.67 billion, a PE ratio of -715.40 and a beta of 1.98.

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

About Cloudflare

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.