90,559 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by TIAA Trust National Association

TIAA Trust National Association purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 90,559 shares of the company’s stock, valued at approximately $9,751,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Empowered Funds LLC raised its position in Cloudflare by 7.7% in the 3rd quarter. Empowered Funds LLC now owns 4,378 shares of the company’s stock valued at $354,000 after buying an additional 313 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Cloudflare in the third quarter valued at about $54,000. Pathstone Holdings LLC lifted its position in shares of Cloudflare by 5.2% during the third quarter. Pathstone Holdings LLC now owns 24,101 shares of the company’s stock valued at $1,950,000 after purchasing an additional 1,200 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after purchasing an additional 29,960 shares during the last quarter. Finally, Cerity Partners LLC grew its position in Cloudflare by 306.4% in the 3rd 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. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares of the company’s stock, valued at $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total value of $1,200,000.00. Following the transaction, the chief financial officer now owns 293,582 shares in the company, valued at $35,229,840. This trade represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 566,766 shares of company stock valued at $73,779,200 in the last quarter. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Trading Up 2.6 %

Cloudflare stock opened at $127.16 on Wednesday. The stock has a market cap of $43.88 billion, a P/E ratio of -578.00 and a beta of 1.27. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The firm’s fifty day moving average price is $137.01 and its 200-day moving average price is $110.56. 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 net margin of 4.72% and a negative return on equity of 5.52%. Equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NET has been the subject of several recent analyst reports. Royal Bank of Canada reduced their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. The Goldman Sachs Group reduced their price objective on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Piper Sandler lowered their target price on Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group increased their price target on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Finally, Morgan Stanley assumed coverage on shares of Cloudflare in a research report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $135.64.

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.