TIAA Trust National Association Decreases Stock Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• TIAA Trust National Association significantly reduced its stake in Cloudflare, Inc. by 97.5%, ending the first quarter with holdings valued at $257,000.
• Research analysts have shown varying sentiments, with some increasing price targets for the stock significantly, while others maintain lower price estimates, leading to an average rating of "Moderate Buy."
• Insider transactions revealed that CEO Matthew Prince sold over 52,000 shares, representing a 12.08% decrease in his ownership stake, amidst a trend of selling among other company insiders.

TIAA Trust National Association trimmed its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 97.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 2,285 shares of the company's stock after selling 88,274 shares during the quarter. TIAA Trust National Association's holdings in Cloudflare were worth $257,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Mather Group LLC. increased its position in shares of Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after purchasing an additional 202 shares during the period. NBC Securities Inc. acquired a new stake in shares of Cloudflare during the first quarter worth $27,000. GPS Wealth Strategies Group LLC grew its position in Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after buying an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after buying an additional 142 shares during the period. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Cloudflare during the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NET. Robert W. Baird increased their price target on shares of Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Piper Sandler boosted their price objective on shares of Cloudflare from $151.00 to $224.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Cantor Fitzgerald raised their price objective on Cloudflare from $162.00 to $199.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. UBS Group boosted their target price on Cloudflare from $145.00 to $200.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Finally, Stifel Nicolaus increased their target price on shares of Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cloudflare has an average rating of "Moderate Buy" and a consensus target price of $186.88.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 59,130 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the transaction, the chief financial officer owned 241,550 shares of the company's stock, valued at $48,382,465. The trade was a 19.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $171.25, for a total transaction of $8,970,760.00. Following the completion of the transaction, the chief executive officer directly owned 381,213 shares in the company, valued at $65,282,726.25. This trade represents a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 691,062 shares of company stock worth $122,093,547. Insiders own 10.89% of the company's stock.

Cloudflare Price Performance

Shares of NET stock traded up $7.38 during trading hours on Wednesday, reaching $215.19. 2,320,799 shares of the company were exchanged, compared to its average volume of 3,503,849. The company has a market cap of $74.59 billion, a price-to-earnings ratio of -632.91 and a beta of 1.84. Cloudflare, Inc. has a fifty-two week low of $74.88 and a fifty-two week high of $215.58. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14. The stock's fifty day moving average is $187.48 and its two-hundred day moving average is $151.01.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The company had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. During the same period last year, the business posted $0.20 earnings per share. The business's revenue for the quarter was up 27.8% compared to the same quarter last year. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.