Cloudflare, Inc. (NYSE:NET) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System has reduced its stake in Cloudflare by 12.5%, now owning 14,017 shares valued at approximately $1.58 million as of its recent SEC filing.
• Major institutional investors such as Fred Alger Management and Invesco have significantly increased their holdings in Cloudflare, with Fred Alger managing an increase of 856.3% in the last quarter.
• Cloudflare reported a quarterly revenue increase of 27.8% year-over-year, with earnings per share of $0.21 exceeding analysts' expectations.

Maryland State Retirement & Pension System lowered its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 12.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 14,017 shares of the company's stock after selling 1,994 shares during the quarter. Maryland State Retirement & Pension System's holdings in Cloudflare were worth $1,580,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in NET. Fred Alger Management LLC increased its holdings in shares of Cloudflare by 856.3% in the 4th 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. Invesco Ltd. increased 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 valued at $116,178,000 after acquiring an additional 804,059 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Cloudflare by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company's stock valued at $3,475,011,000 after acquiring an additional 538,850 shares during the last quarter. Alfreton Capital LLP purchased a new position in shares of Cloudflare in the 1st quarter valued at about $48,457,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Cloudflare in the 1st quarter valued at about $39,898,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $190.68, for a total transaction of $4,889,225.88. Following the completion of the sale, the insider owned 6,390 shares of the company's stock, valued at approximately $1,218,445.20. The trade was a 80.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 59,130 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $200.30, for a total value of $11,843,739.00. Following the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at approximately $48,382,465. This trade represents a 19.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 638,678 shares of company stock valued at $114,296,189. 10.89% of the stock is currently owned by company insiders.

Cloudflare Price Performance

Shares of NYSE NET traded down $0.90 during trading on Wednesday, reaching $201.43. The company had a trading volume of 176,028 shares, compared to its average volume of 3,658,038. Cloudflare, Inc. has a twelve month low of $74.88 and a twelve month high of $219.00. The stock has a market capitalization of $70.19 billion, a PE ratio of -590.97 and a beta of 1.84. The stock has a 50-day moving average price of $190.37 and a two-hundred day moving average price of $153.51. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. The business had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The business's revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 earnings per share. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on NET. Jefferies Financial Group dropped their price objective on Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a report on Friday, May 9th. JMP Securities raised their price target on Cloudflare from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research note on Monday, July 28th. Wells Fargo & Company lifted their target price on Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Royal Bank Of Canada lifted their target price on Cloudflare from $210.00 to $228.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Needham & Company LLC lifted their target price on Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $186.88.

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.