Teachers Retirement System of The State of Kentucky Grows Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Teachers Retirement System of The State of Kentucky lifted its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 13.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 245,281 shares of the company's stock after buying an additional 29,200 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of Cloudflare worth $27,640,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Groupama Asset Managment purchased a new position in shares of Cloudflare in the 4th quarter worth about $269,200,000. Norges Bank purchased a new stake in Cloudflare during the fourth quarter worth about $249,544,000. American Century Companies Inc. raised its position in Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the period. Fred Alger Management LLC increased its stake in shares of Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after purchasing an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Cloudflare by 292.5% in the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after purchasing an additional 804,059 shares during the period. 82.68% of the stock is owned by institutional investors.

Cloudflare Stock Down 3.4%

NYSE NET traded down $6.63 during mid-day trading on Tuesday, reaching $191.13. The stock had a trading volume of 2,371,162 shares, compared to its average volume of 3,181,318. The stock has a market cap of $66.25 billion, a PE ratio of -831.09 and a beta of 1.85. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $200.77. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The company has a fifty day moving average price of $175.86 and a 200 day moving average price of $143.68.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The firm's revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 earnings per share. On average, research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on NET. 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. Mizuho boosted their price objective on Cloudflare from $155.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Capital One Financial upgraded shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. UBS Group lifted their target price on shares of Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Finally, Needham & Company LLC upped their price target on shares of Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $155.32.

Insider Activity

In other news, Director Carl Ledbetter sold 15,000 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $193.94, for a total transaction of $2,909,100.00. Following the completion of the sale, the director owned 1,058,073 shares of the company's stock, valued at $205,202,677.62. The trade was a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michelle Zatlyn sold 25,641 shares of the company's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $190.68, for a total value of $4,889,225.88. Following the completion of the sale, the insider owned 6,390 shares of the company's stock, valued at $1,218,445.20. This trade represents a 80.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 581,062 shares of company stock worth $99,070,153. Company insiders own 10.89% of the company's stock.

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.