Cloudflare, Inc. (NYSE:NET) Position Reduced by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its position in shares of Cloudflare, Inc. (NYSE:NET) by 4.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 108,925 shares of the company’s stock after selling 5,426 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Cloudflare were worth $8,811,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after buying an additional 119 shares during the period. Quarry LP lifted its holdings in Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares during the last quarter. Elo Mutual Pension Insurance Co boosted its position in shares of Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after purchasing an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC grew its stake in shares of Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after purchasing an additional 137 shares during the last quarter. Finally, Forum Financial Management LP raised its holdings in shares of Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after purchasing an additional 162 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Trading Up 0.3 %

Shares of NYSE NET opened at $114.86 on Friday. The business has a 50 day simple moving average of $95.50 and a 200 day simple moving average of $84.68. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $116.00. The stock has a market cap of $39.42 billion, a price-to-earnings ratio of -441.75 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, research analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on NET shares. Mizuho lifted their price target on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. UBS Group lifted their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. BNP Paribas assumed coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price for the company. Wells Fargo & Company lifted their price target on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Piper Sandler upped their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $94.40.

Insiders Place Their Bets

In other news, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $15,681,643.20. This trade represents a 25.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the transaction, the insider now owns 185,386 shares in the company, valued at $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 524,824 shares of company stock valued at $49,037,888 over the last quarter. Insiders own 12.83% of the company’s stock.

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.