Employees Retirement System of Texas Boosts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Employees Retirement System of Texas lifted its stake in Cloudflare, Inc. (NYSE:NET) by 14.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 52,087 shares of the company’s stock after buying an additional 6,381 shares during the period. Employees Retirement System of Texas’ holdings in Cloudflare were worth $5,609,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Hartline Investment Corp grew its stake in shares of Cloudflare by 1.5% in the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock worth $28,464,000 after purchasing an additional 3,957 shares during the last quarter. Birchcreek Wealth Management LLC bought a new stake in shares of Cloudflare in the 4th quarter worth approximately $215,000. Strategic Blueprint LLC purchased a new position in shares of Cloudflare during the fourth quarter valued at approximately $265,000. Clarendon Private LLC bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $293,000. Finally, Savant Capital LLC purchased a new stake in Cloudflare in the fourth quarter worth $237,000. Institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,223,962.26. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 559,662 shares of company stock worth $73,480,384. Company insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NET stock opened at $98.31 on Tuesday. The stock’s 50 day simple moving average is $135.79 and its 200 day simple moving average is $113.01. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The stock has a market capitalization of $33.93 billion, a PE ratio of -446.88 and a beta of 1.59.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on NET. Truist Financial upped their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Stifel Nicolaus lifted their price objective on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Mizuho decreased their target price on Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Finally, UBS Group dropped their price target on Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $135.64.

About Cloudflare

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.