California Public Employees Retirement System Grows Stock Holdings in Cloudflare, Inc. $NET

California Public Employees Retirement System lifted its holdings in Cloudflare, Inc. (NYSE:NET) by 2.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 520,870 shares of the company’s stock after acquiring an additional 14,827 shares during the period. California Public Employees Retirement System owned approximately 0.15% of Cloudflare worth $111,773,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Physician Wealth Advisors Inc. increased its holdings in Cloudflare by 693.3% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock valued at $26,000 after purchasing an additional 104 shares in the last quarter. Westside Investment Management Inc. raised its holdings in shares of Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after buying an additional 65 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new position in Cloudflare during the 2nd quarter worth approximately $29,000. ORG Wealth Partners LLC boosted its holdings in Cloudflare by 101.4% in 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 during the period. Finally, Cloud Capital Management LLC acquired a new stake in Cloudflare in the third quarter valued at approximately $31,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Activity at Cloudflare

In other news, insider Michelle Zatlyn sold 25,641 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $189.50, for a total value of $4,858,969.50. Following the completion of the sale, the insider directly owned 34,514 shares of the company’s stock, valued at approximately $6,540,403. This represents a 42.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John Graham-Cumming sold 2,520 shares of the stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $173.35, for a total transaction of $436,842.00. Following the completion of the transaction, the director owned 495,191 shares of the company’s stock, valued at $85,841,359.85. This trade represents a 0.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 523,690 shares of company stock worth $96,821,800 in the last three months. Insiders own 10.89% of the company’s stock.

Cloudflare Trading Down 2.3%

NYSE:NET opened at $207.47 on Tuesday. The stock has a market cap of $72.67 billion, a price-to-earnings ratio of -715.40 and a beta of 1.98. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00. The business has a fifty day moving average of $185.61 and a 200-day moving average of $202.96.

Cloudflare (NYSE:NET) last issued 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 business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The company’s revenue was up 33.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.19 earnings per share. Equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

NET has been the topic of a number of recent analyst reports. Guggenheim boosted their price objective on shares of Cloudflare from $117.00 to $140.00 and gave the stock a “sell” rating in a report on Wednesday, February 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $224.00 target price on shares of Cloudflare in a report on Wednesday, February 11th. Wells Fargo & Company upped their price target on shares of Cloudflare from $265.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Scotiabank dropped their price objective on shares of Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 11th. Finally, KeyCorp reissued an “overweight” rating on shares of Cloudflare in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $233.38.

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.