California Public Employees Retirement System Acquires 891 Shares of Cloudflare, Inc. (NYSE:NET)

California Public Employees Retirement System lifted its holdings in Cloudflare, Inc. (NYSE:NET) by 0.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 524,747 shares of the company’s stock after buying an additional 891 shares during the period. California Public Employees Retirement System’s holdings in Cloudflare were worth $43,690,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV grew its holdings in Cloudflare by 1,976.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock valued at $45,000 after purchasing an additional 514 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Cloudflare by 98.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock valued at $50,000 after purchasing an additional 296 shares during the last quarter. ORG Partners LLC bought a new position in Cloudflare during the 4th quarter valued at about $55,000. Harvest Fund Management Co. Ltd grew its holdings in Cloudflare by 2,422.9% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 883 shares of the company’s stock valued at $56,000 after purchasing an additional 848 shares during the last quarter. Finally, Fortis Group Advisors LLC bought a new position in Cloudflare during the 3rd quarter valued at about $64,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

NYSE:NET opened at $87.98 on Friday. Cloudflare, Inc. has a 52 week low of $39.90 and a 52 week high of $116.00. The firm has a 50 day moving average of $95.10 and a 200 day moving average of $82.53. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The company had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. As a group, research analysts predict that Cloudflare, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In related news, Director Carl Ledbetter sold 10,015 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $89.16, for a total transaction of $892,937.40. Following the completion of the sale, the director now owns 1,204,815 shares of the company’s stock, valued at $107,421,305.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 10,015 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $89.16, for a total transaction of $892,937.40. Following the transaction, the director now owns 1,204,815 shares in the company, valued at approximately $107,421,305.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the transaction, the chief financial officer now owns 366,465 shares in the company, valued at approximately $40,351,461.15. The disclosure for this sale can be found here. Insiders sold 1,046,356 shares of company stock valued at $101,906,480 over the last 90 days. Insiders own 14.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on NET shares. Sanford C. Bernstein started coverage on shares of Cloudflare in a report on Thursday, January 18th. They set a “market perform” rating and a $85.00 price target on the stock. Morgan Stanley boosted their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a research report on Monday, February 12th. Mizuho lowered their price objective on shares of Cloudflare from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Monday, April 15th. Wells Fargo & Company boosted their price objective on shares of Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Finally, Susquehanna boosted their price objective on shares of Cloudflare from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $87.08.

Cloudflare Company 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.