Teachers Retirement System of The State of Kentucky Acquires 22,900 Shares of Cloudflare, Inc. (NYSE:NET)

Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 13.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 192,381 shares of the company’s stock after purchasing an additional 22,900 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.06% of Cloudflare worth $15,935,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new stake in Cloudflare during the first quarter worth $27,000. Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Cloudflare during the second quarter worth $29,000. Quarry LP lifted its stake in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after purchasing an additional 421 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $77.17, for a total transaction of $231,510.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at approximately $15,071,532.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $77.17, for a total value of $231,510.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at approximately $15,071,532.51. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the completion of the transaction, the chief financial officer now directly owns 309,937 shares in the company, valued at approximately $24,450,929.93. The disclosure for this sale can be found here. Insiders have sold 417,812 shares of company stock valued at $33,270,713 in the last 90 days. 12.83% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NET shares. Piper Sandler upped their price target on shares of Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. Susquehanna upped their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Morgan Stanley reiterated an “equal weight” rating and set a $92.00 price target on shares of Cloudflare in a report on Monday, June 17th. Finally, Cantor Fitzgerald upped their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average price target of $92.29.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $78.10 on Wednesday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The business has a 50-day moving average price of $79.77 and a two-hundred day moving average price of $81.73. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The company has a market cap of $26.54 billion, a P/E ratio of -147.36 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The firm had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. During the same period last year, the business posted ($0.12) EPS. The business’s revenue was up 30.0% compared to the same quarter last year. As a group, analysts anticipate that Cloudflare, Inc. will post -0.13 EPS for the current year.

About Cloudflare

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.