Teacher Retirement System of Texas Boosts Stake in Cloudflare, Inc. (NYSE:NET)

Teacher Retirement System of Texas increased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 1,469.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,679 shares of the company's stock after purchasing an additional 41,832 shares during the quarter. Teacher Retirement System of Texas' holdings in Cloudflare were worth $5,035,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Groupama Asset Managment bought a new stake in Cloudflare in the fourth quarter worth about $269,200,000. Norges Bank bought a new stake in Cloudflare in 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 raised its position in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after acquiring an additional 836,591 shares during the period. Finally, Invesco Ltd. raised its position in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NET has been the topic of several research reports. Cowen reaffirmed a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. KeyCorp assumed coverage on shares of Cloudflare in a research report on Friday, June 6th. They issued an "overweight" rating and a $210.00 price objective on the stock. 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. Piper Sandler reaffirmed a "neutral" rating and issued a $151.00 price objective (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Finally, UBS Group boosted their target price on shares of Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Cloudflare currently has a consensus rating of "Hold" and a consensus target price of $148.92.

Cloudflare Price Performance

Cloudflare stock traded down $0.74 during midday trading on Friday, hitting $181.18. 2,780,115 shares of the company's stock were exchanged, compared to its average volume of 3,157,151. The stock has a 50-day moving average price of $168.30 and a two-hundred day moving average price of $140.02. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $198.01. 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 company has a market cap of $62.80 billion, a P/E ratio of -787.74 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results 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). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same period last year, the firm posted $0.16 EPS. The company's revenue was up 26.5% on a year-over-year basis. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $184.58, for a total transaction of $9,669,038.72. Following the completion of the transaction, the chief executive officer owned 381,213 shares of the company's stock, valued at $70,364,295.54. This represents a 12.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $196.09, for a total value of $1,764,810.00. Following the transaction, the insider directly owned 160,377 shares of the company's stock, valued at $31,448,325.93. The trade was a 5.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 581,060 shares of company stock worth $95,040,197. 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.