Kentucky Retirement Systems Acquires Shares of 20,788 Cloudflare, Inc. (NYSE:NET)

Kentucky Retirement Systems acquired a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 20,788 shares of the company's stock, valued at approximately $2,343,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NET. Atria Wealth Solutions Inc. grew its holdings in Cloudflare by 26.2% in the 4th quarter. Atria Wealth Solutions Inc. now owns 7,502 shares of the company's stock valued at $808,000 after buying an additional 1,559 shares in the last quarter. Howard Capital Management Inc. acquired a new stake in shares of Cloudflare during the 4th quarter worth $221,000. Birchcreek Wealth Management LLC acquired a new stake in shares of Cloudflare during the 4th quarter worth $215,000. RPG Investment Advisory LLC grew its holdings in shares of Cloudflare by 0.5% during the 4th quarter. RPG Investment Advisory LLC now owns 167,855 shares of the company's stock worth $18,075,000 after purchasing an additional 838 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Cloudflare by 1.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company's stock worth $138,516,000 after purchasing an additional 23,641 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NET shares. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and increased their target price for the stock from $60.00 to $160.00 in a report on Tuesday, March 25th. The Goldman Sachs Group reduced their target price on Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Morgan Stanley increased their target price on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Mizuho raised Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 target price on the stock in a report on Wednesday, April 16th. Finally, Jefferies Financial Group reduced their target price on Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $145.92.

Cloudflare Trading Up 1.5%

Shares of NET traded up $2.76 during mid-day trading on Tuesday, reaching $186.63. 2,026,386 shares of the company were exchanged, compared to its average volume of 3,138,518. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $187.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The stock has a market capitalization of $64.69 billion, a PE ratio of -811.45 and a beta of 1.84. The business has a 50 day simple moving average of $150.04 and a two-hundred day simple moving average of $133.74.

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

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 2,311 shares of Cloudflare stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the completion of the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $44,545,250.75. The trade was a 0.56% 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, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $120.14, for a total value of $1,201,400.00. Following the completion of the sale, the chief financial officer now owns 293,582 shares of the company's stock, valued at approximately $35,270,941.48. The trade was a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 541,627 shares of company stock worth $80,182,952 over the last ninety days. 10.89% of the stock is owned by insiders.

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.