Kentucky Retirement Systems Insurance Trust Fund Invests $998,000 in Cloudflare, Inc. (NYSE:NET)

Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 8,854 shares of the company's stock, valued at approximately $998,000.

Other institutional investors have also recently made changes to their positions in the company. CreativeOne Wealth LLC grew its holdings in Cloudflare by 0.8% during the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after buying an additional 58 shares in the last quarter. Yousif Capital Management LLC grew its holdings in Cloudflare by 2.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after buying an additional 98 shares in the last quarter. Baxter Bros Inc. grew its holdings in Cloudflare by 3.8% during the 4th quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after buying an additional 100 shares in the last quarter. Ellevest Inc. grew its holdings in Cloudflare by 2.3% during the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after buying an additional 102 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of Cloudflare by 19.3% in the 1st quarter. Versant Capital Management Inc now owns 655 shares of the company's stock valued at $74,000 after purchasing an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Activity

In other news, CEO Matthew Prince sold 2,311 shares of the company's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the sale, the chief executive officer now owns 413,413 shares in the company, valued at $44,545,250.75. This represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 41,556 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total value of $6,515,149.68. Following the completion of the sale, the chief financial officer now owns 241,550 shares in the company, valued at $37,870,209. The trade was a 14.68% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 541,627 shares of company stock valued at $80,182,952. Company insiders own 10.89% of the company's stock.

Cloudflare Stock Up 1.5%

NYSE:NET traded up $2.76 during mid-day trading on Tuesday, hitting $186.63. 2,026,386 shares of the company's stock traded hands, compared to its average volume of 3,138,518. The company has a fifty day moving average of $150.04 and a 200 day moving average of $133.74. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $187.90. The company has a market capitalization of $64.69 billion, a P/E ratio of -811.45 and a beta of 1.84. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $479.09 million during the quarter, compared to analyst estimates 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 prior year, the company posted $0.16 earnings per share. On average, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NET. Royal Bank Of Canada lowered their price objective on Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Oppenheimer reaffirmed an "outperform" rating and issued a $200.00 price objective (up from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Cowen reaffirmed a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Susquehanna lowered their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research note on Monday, May 12th. Finally, UBS Group raised their price target on Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $145.92.

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.