Arizona State Retirement System Sells 4,144 Shares of Cloudflare, Inc. $NET

Arizona State Retirement System decreased its position in Cloudflare, Inc. (NYSE:NET) by 4.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,495 shares of the company’s stock after selling 4,144 shares during the period. Arizona State Retirement System’s holdings in Cloudflare were worth $17,250,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of NET. Physician Wealth Advisors Inc. grew its position in shares of Cloudflare by 693.3% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after buying an additional 104 shares in the last quarter. Wiser Advisor Group LLC purchased a new stake in Cloudflare in the third quarter worth about $26,000. Westside Investment Management Inc. lifted its stake in Cloudflare by 100.0% in the third quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after acquiring an additional 65 shares during the period. ORG Wealth Partners LLC grew its holdings in Cloudflare by 101.4% during the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock worth $30,000 after acquiring an additional 70 shares in the last quarter. Finally, Wexford Capital LP purchased a new position in Cloudflare during the 3rd quarter valued at about $30,000. Institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on NET. Morgan Stanley set a $245.00 price target on shares of Cloudflare in a report on Wednesday, February 11th. BTIG Research upped their price target on shares of Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Wells Fargo & Company lifted their price objective on shares of Cloudflare from $265.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. New Street Research set a $140.00 price objective on shares of Cloudflare in a report on Wednesday, February 11th. Finally, Mizuho cut their price objective on shares of Cloudflare from $255.00 to $235.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $232.62.

Insider Activity

In other news, Director Carl Ledbetter sold 15,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $227.05, for a total transaction of $3,405,750.00. Following the sale, the director directly owned 938,073 shares of the company’s stock, valued at $212,989,474.65. The trade was a 1.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $197.98, for a total transaction of $1,979,800.00. Following the sale, the chief financial officer directly owned 221,681 shares in the company, valued at $43,888,404.38. This trade represents a 4.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 624,247 shares of company stock valued at $122,080,874. 10.89% of the stock is owned by corporate insiders.

Cloudflare Price Performance

NYSE NET opened at $207.29 on Friday. The firm has a market capitalization of $72.96 billion, a P/E ratio of -714.77 and a beta of 1.87. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35. Cloudflare, Inc. has a 12-month low of $117.07 and a 12-month high of $260.00. The firm’s fifty day simple moving average is $198.63 and its two-hundred day simple moving average is $200.57.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The firm had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The business’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.19 earnings per share. Analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Cloudflare Company Profile

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.