Maryland State Retirement & Pension System Lowers Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Maryland State Retirement & Pension System reduced its position in shares of Cloudflare, Inc. (NYSE:NET) by 6.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,011 shares of the company’s stock after selling 1,082 shares during the period. Maryland State Retirement & Pension System’s holdings in Cloudflare were worth $1,724,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of NET. Quarry LP boosted its position in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the period. Quest Partners LLC purchased a new position in shares of Cloudflare during the third quarter worth $54,000. Larson Financial Group LLC boosted its position in shares of Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after buying an additional 517 shares during the period. Versant Capital Management Inc boosted its position in shares of Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after buying an additional 170 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after buying an additional 217 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NET has been the subject of a number of recent research reports. Morgan Stanley initiated coverage on Cloudflare in a report on Tuesday. They issued an “overweight” rating for the company. Jefferies Financial Group lifted their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Needham & Company LLC decreased their target price on Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Stifel Nicolaus lifted their target price on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Guggenheim lifted their target price on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a report on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $131.64.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $113.81, for a total value of $1,707,150.00. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. The trade was a 5.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $113.98, for a total value of $5,970,728.32. Following the completion of the transaction, the chief executive officer now owns 10,762 shares in the company, valued at $1,226,652.76. This trade represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 566,766 shares of company stock worth $73,779,200 in the last quarter. Company insiders own 12.83% of the company’s stock.

Cloudflare Stock Up 0.9 %

NET opened at $118.95 on Friday. The business’s 50-day simple moving average is $136.73 and its 200-day simple moving average is $109.79. 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, Inc. has a one year low of $66.24 and a one year high of $177.37. The stock has a market capitalization of $41.05 billion, a P/E ratio of -540.70 and a beta of 1.27.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.