California Public Employees Retirement System Sells 30,790 Shares of Cloudflare, Inc. (NYSE:NET)

California Public Employees Retirement System reduced its position in Cloudflare, Inc. (NYSE:NET) by 6.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 462,015 shares of the company’s stock after selling 30,790 shares during the period. California Public Employees Retirement System owned 0.13% of Cloudflare worth $49,750,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cerity Partners LLC increased its position in shares of Cloudflare by 306.4% during the third quarter. Cerity Partners LLC now owns 18,416 shares of the company’s stock worth $1,490,000 after purchasing an additional 13,885 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Cloudflare by 5.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 14,308 shares of the company’s stock valued at $1,157,000 after buying an additional 734 shares in the last quarter. Captrust Financial Advisors raised its stake in Cloudflare by 596.2% in the third quarter. Captrust Financial Advisors now owns 39,827 shares of the company’s stock valued at $3,222,000 after buying an additional 34,106 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Cloudflare in the third quarter worth about $6,548,000. Finally, Atom Investors LP acquired a new stake in Cloudflare in the 3rd quarter worth approximately $768,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

NYSE:NET opened at $115.60 on Wednesday. The company has a fifty day moving average of $137.39 and a two-hundred day moving average of $112.03. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The stock has a market capitalization of $39.89 billion, a PE ratio of -525.47 and a beta of 1.27. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

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

Wall Street Analyst Weigh In

NET has been the topic of several research analyst reports. Susquehanna boosted their price target on Cloudflare from $95.00 to $170.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Guggenheim increased their price target on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday, February 7th. Jefferies Financial Group raised their price target on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. UBS Group dropped their price objective on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company raised their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average target price of $135.64.

Insider Activity

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at approximately $12,519,384.80. This trade represents a 5.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 627,046 shares of company stock worth $81,158,262 over the last quarter. 12.83% of the stock is currently owned by corporate insiders.

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.