Cloudflare, Inc. $NET Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Cloudflare, Inc. by 7.0%, selling 7,730 shares and now owning 103,102 shares valued at approximately $11.6 million.
• Several institutional investors, including GAMMA Investing LLC and Crossmark Global Holdings Inc., have increased their holdings in Cloudflare, with 82.68% of its stock owned by institutional investors.
• Cloudflare's latest quarterly earnings report showed a revenue increase of 27.8% year-over-year, with earnings per share surpassing estimates, leading to an average price target increase by analysts.

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 7.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,102 shares of the company's stock after selling 7,730 shares during the period. State of New Jersey Common Pension Fund D's holdings in Cloudflare were worth $11,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Fred Alger Management LLC lifted 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 purchasing an additional 836,591 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Cloudflare in the 1st quarter valued at about $88,203,000. American Century Companies Inc. lifted its holdings in shares of Cloudflare by 34.5% in the 1st quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock valued at $342,287,000 after purchasing an additional 779,819 shares during the last quarter. Vanguard Group Inc. lifted 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 purchasing an additional 538,850 shares during the last quarter. Finally, Alfreton Capital LLP purchased a new stake in shares of Cloudflare in the 1st quarter valued at about $48,457,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Susquehanna reduced 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. Oppenheimer reissued an "outperform" rating and issued a $200.00 price target (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Stifel Nicolaus raised their price target on Cloudflare from $175.00 to $230.00 and gave the company a "buy" rating in a report on Friday, August 1st. Cowen reissued a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. Finally, Wells Fargo & Company raised their price target on Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $191.28.

Cloudflare Price Performance

Shares of NET traded down $0.4160 on Thursday, reaching $192.7840. The stock had a trading volume of 1,608,793 shares, compared to its average volume of 3,620,491. The firm has a market capitalization of $67.18 billion, a PE ratio of -567.01 and a beta of 1.84. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. The firm has a 50-day moving average of $192.82 and a 200 day moving average of $155.96. Cloudflare, Inc. has a twelve month low of $74.88 and a twelve month high of $219.00.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. The business had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The company's revenue was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 EPS. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity

In other Cloudflare news, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $199.85, for a total transaction of $2,997,750.00. Following the sale, the director owned 1,043,073 shares in the company, valued at approximately $208,458,139.05. This represents a 1.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 59,130 shares of the stock in a transaction on 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 owned 241,550 shares in the company, 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. Insiders have sold 588,768 shares of company stock worth $110,739,060 in the last quarter. 10.89% of the stock is currently owned by corporate 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.