Cloudflare, Inc. (NYSE:NET) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its position in Cloudflare, Inc. (NYSE:NET) by 6.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. 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 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of NET. Quarry LP increased its holdings in shares of Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after purchasing an additional 133 shares during the period. Quest Partners LLC purchased a new stake in shares of Cloudflare in the third quarter worth about $54,000. Larson Financial Group LLC boosted its stake in shares of Cloudflare by 1,988.5% in 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 last quarter. Versant Capital Management Inc boosted its stake in shares of Cloudflare by 44.9% in 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 last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Cloudflare by 59.0% in 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 last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

NYSE:NET opened at $118.95 on Friday. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market cap of $41.05 billion, a PE ratio of -540.70 and a beta of 1.27. The stock has a 50 day moving average price of $136.73 and a 200 day moving average price of $109.79.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS 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 expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on NET. 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. Oppenheimer began coverage on Cloudflare in a research note on Thursday. They issued an “outperform” rating and a $150.00 target price on the stock. JMP Securities upped their target price on Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research note on Friday, February 7th. UBS Group lowered their price target on Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Finally, Cantor Fitzgerald increased their price target on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $131.64.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at $1,226,652.76. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $28,779,020.89. This trade represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 566,766 shares of company stock valued at $73,779,200. 12.83% of the stock is currently owned by 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.