Teachers Retirement System of The State of Kentucky Sells 27,388 Shares of Cloudflare, Inc. $NET

Key Points

• Teachers Retirement System of the State of Kentucky trimmed its Cloudflare stake by 16.3% in Q4, selling 27,388 shares and retaining 140,551 shares worth $27.71 million.
• Heavy insider selling: CEO Matthew Prince sold 52,384 shares (a 69.57% reduction in his holding) and Michelle Zatlyn sold 35,080 shares, with insiders selling 624,247 shares valued at $122.08 million over the past 90 days.
• Analysts maintain a "Moderate Buy" consensus with a $232.62 average price target, and Cloudflare recently beat estimates with $614.5M in revenue (up 33.6%) and $0.28 EPS versus $0.27 expected despite negative net margin.

Teachers Retirement System of The State of Kentucky trimmed its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 16.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 140,551 shares of the company's stock after selling 27,388 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Cloudflare were worth $27,710,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Cloudflare by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company's stock valued at $6,389,167,000 after acquiring an additional 90,397 shares during the period. Invesco Ltd. boosted its position in shares of Cloudflare by 1.3% in the third quarter. Invesco Ltd. now owns 3,964,733 shares of the company's stock valued at $850,792,000 after acquiring an additional 49,485 shares during the period. Groupama Asset Managment boosted its position in shares of Cloudflare by 82.6% in the third quarter. Groupama Asset Managment now owns 2,100,000 shares of the company's stock valued at $450,639,000 after acquiring an additional 950,000 shares during the period. Northern Trust Corp boosted its position in shares of Cloudflare by 1.2% in the third quarter. Northern Trust Corp now owns 1,909,120 shares of the company's stock valued at $409,678,000 after acquiring an additional 21,715 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Cloudflare by 25.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,639,661 shares of the company's stock valued at $323,259,000 after acquiring an additional 336,768 shares during the period. 82.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NET. UBS Group reissued a "neutral" rating and issued a $220.00 price objective on shares of Cloudflare in a research report on Wednesday, February 11th. KeyCorp cut Cloudflare from an "overweight" rating to a "hold" rating in a research report on Wednesday, April 15th. New Street Research set a $140.00 price objective on Cloudflare in a research report on Wednesday, February 11th. Robert W. Baird set a $260.00 price objective on Cloudflare and gave the company an "outperform" rating in a research report on Wednesday, February 11th. Finally, Wolfe Research reissued a "peer perform" rating on shares of Cloudflare in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $232.62.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $173.78, for a total value of $9,103,291.52. Following the completion of the transaction, the chief executive officer directly owned 22,911 shares of the company's stock, valued at $3,981,473.58. This trade represents a 69.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michelle Zatlyn sold 35,080 shares of the firm's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $187.39, for a total value of $6,573,641.20. Following the completion of the transaction, the insider directly owned 34,514 shares of the company's stock, valued at approximately $6,467,578.46. This trade represents a 50.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 624,247 shares of company stock valued at $122,080,874 over the last ninety days. 10.89% of the stock is owned by company insiders.

Cloudflare Stock Up 1.1%

Shares of NET stock opened at $207.29 on Friday. The stock has a market cap of $72.96 billion, a P/E ratio of -714.77 and a beta of 1.87. Cloudflare, Inc. has a one year low of $117.07 and a one year high of $260.00. The stock has a fifty day moving average price of $198.63 and a 200 day moving average price of $200.45. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. The firm had revenue of $614.51 million during the quarter, compared to analysts' expectations of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.Cloudflare's quarterly revenue was up 33.6% compared to the same quarter last year. During the same period last year, the business earned $0.19 earnings per share. Analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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