Cloudflare, Inc. $NET Shares Sold by TIAA Trust National Association

TIAA Trust National Association reduced its position in Cloudflare, Inc. (NYSE:NET) by 65.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,371 shares of the company’s stock after selling 56,166 shares during the period. TIAA Trust National Association’s holdings in Cloudflare were worth $6,303,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of NET. Physician Wealth Advisors Inc. increased its position in shares of Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock valued at $26,000 after buying an additional 104 shares in the last quarter. Westside Investment Management Inc. grew its stake in Cloudflare by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after acquiring an additional 65 shares during the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in Cloudflare during the 2nd quarter valued at about $29,000. ORG Wealth Partners LLC raised its position in Cloudflare by 101.4% during the third quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock worth $30,000 after acquiring an additional 70 shares during the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in shares of Cloudflare in the third quarter valued at about $31,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NET. BTIG Research raised their price objective on shares of Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Oppenheimer started coverage on Cloudflare in a research report on Monday, November 10th. They set an “outperform” rating and a $260.00 price target for the company. Argus upped their price objective on Cloudflare from $238.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Guggenheim lifted their price objective on Cloudflare from $117.00 to $140.00 and gave the stock a “sell” rating in a research report on Wednesday, February 11th. Finally, Morgan Stanley set a $245.00 target price on shares of Cloudflare in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $230.70.

Cloudflare Stock Performance

Cloudflare stock opened at $171.80 on Friday. The firm has a market capitalization of $60.18 billion, a P/E ratio of -592.38 and a beta of 1.97. The stock has a fifty day moving average price of $185.86 and a 200 day moving average price of $202.95. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.40% and a negative net margin of 4.72%.The firm had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. During the same period last year, the company earned $0.19 EPS. The firm’s quarterly revenue was up 33.6% on a year-over-year basis. Equities research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $173.78, for a total transaction of $9,103,291.52. Following the transaction, the chief executive officer owned 22,911 shares of the company’s stock, valued at $3,981,473.58. This trade represents a 69.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 41,557 shares of Cloudflare stock in a transaction on Friday, February 20th. The shares were sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the completion of the transaction, the chief financial officer owned 85,452 shares in the company, valued at approximately $15,812,038.08. This trade represents a 32.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 610,780 shares of company stock valued at $115,913,967 in the last quarter. Insiders own 10.89% of the company’s stock.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.