California State Teachers Retirement System trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 2.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 463,731 shares of the company's stock after selling 9,312 shares during the quarter. California State Teachers Retirement System owned 0.13% of Cloudflare worth $49,935,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Groupama Asset Managment bought a new stake in shares of Cloudflare in the 4th quarter valued at about $269,200,000. Norges Bank acquired a new position in shares of Cloudflare in the fourth quarter worth approximately $249,544,000. American Century Companies Inc. boosted its holdings in Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock valued at $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC boosted its holdings in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after acquiring an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. increased its position in Cloudflare by 292.5% during the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock valued at $116,178,000 after purchasing an additional 804,059 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have recently issued reports on NET shares. Guggenheim boosted their price target on shares of Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research report on Friday, May 9th. Stifel Nicolaus boosted their target price on shares of Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a report on Friday, February 7th. Piper Sandler reaffirmed a "neutral" rating and set a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Cantor Fitzgerald lifted their price objective on Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, Royal Bank of Canada dropped their price objective on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $141.79.
Get Our Latest Research Report on Cloudflare
Cloudflare Stock Up 1.2%
Cloudflare stock traded up $2.05 during midday trading on Friday, hitting $166.21. 3,894,099 shares of the stock were exchanged, compared to its average volume of 3,136,339. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The business's 50-day moving average price is $126.70 and its 200-day moving average price is $124.96. The stock has a market capitalization of $57.61 billion, a price-to-earnings ratio of -755.50 and a beta of 1.78. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.
Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. During the same period last year, the firm posted $0.16 earnings per share. Cloudflare's quarterly revenue was up 26.5% compared to the same quarter last year. On average, research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.
Insider Buying and Selling at Cloudflare
In related news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $116.47, for a total transaction of $6,101,164.48. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $48,150,212.11. The trade was a 11.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 9,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the completion of the transaction, the insider now owns 188,406 shares of the company's stock, valued at $21,257,848.98. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 501,085 shares of company stock worth $65,312,967 over the last ninety days. 12.83% of the stock is currently owned by company insiders.
About Cloudflare
(
Free Report)
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.
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