New York State Common Retirement Fund Sells 22,018 Shares of Cloudflare, Inc. (NYSE:NET)

New York State Common Retirement Fund cut its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 8.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 254,396 shares of the company’s stock after selling 22,018 shares during the period. New York State Common Retirement Fund owned about 0.08% of Cloudflare worth $21,181,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of NET. CWM LLC boosted its position in Cloudflare by 3.4% in the 3rd quarter. CWM LLC now owns 4,624 shares of the company’s stock valued at $291,000 after buying an additional 153 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Cloudflare by 377.1% in the 3rd quarter. SG Americas Securities LLC now owns 27,746 shares of the company’s stock valued at $1,749,000 after purchasing an additional 21,930 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of Cloudflare by 0.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 94,392 shares of the company’s stock valued at $5,950,000 after purchasing an additional 736 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Cloudflare by 9.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock valued at $3,588,000 after purchasing an additional 4,685 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Cloudflare by 4.3% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 66,128 shares of the company’s stock valued at $4,169,000 after purchasing an additional 2,700 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Trading Up 1.4 %

Shares of NYSE:NET opened at $88.01 on Friday. Cloudflare, Inc. has a 12-month low of $39.90 and a 12-month high of $116.00. The stock has a market cap of $29.72 billion, a PE ratio of -160.02 and a beta of 1.12. The business has a 50 day moving average of $94.89 and a 200-day moving average of $82.82. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. The company had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $79.60, for a total value of $238,800.00. Following the completion of the sale, the insider now directly owns 216,114 shares in the company, valued at $17,202,674.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $81.87, for a total value of $1,228,050.00. Following the completion of the sale, the chief financial officer now directly owns 366,465 shares in the company, valued at $30,002,489.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $79.60, for a total transaction of $238,800.00. Following the completion of the sale, the insider now owns 216,114 shares of the company’s stock, valued at $17,202,674.40. The disclosure for this sale can be found here. Insiders sold a total of 1,046,356 shares of company stock worth $101,906,480 over the last quarter. Company insiders own 14.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NET shares. Wells Fargo & Company increased their price target on Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $100.00 price objective on shares of Cloudflare in a research note on Wednesday, April 17th. JPMorgan Chase & Co. raised their price objective on Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Mizuho dropped their price objective on Cloudflare from $105.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, April 15th. Finally, DZ Bank downgraded Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price target on the stock. in a research note on Tuesday, February 13th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $87.08.

Cloudflare 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.