TIAA Trust National Association Reduces Holdings in Cloudflare, Inc. $NET

TIAA Trust National Association reduced its stake in shares of Cloudflare, Inc. (NYSE:NET) by 65.7% during 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 quarter. TIAA Trust National Association’s holdings in Cloudflare were worth $6,303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Diversify Wealth Management LLC grew its holdings in shares of Cloudflare by 1.9% during the third quarter. Diversify Wealth Management LLC now owns 5,775 shares of the company’s stock worth $1,239,000 after purchasing an additional 108 shares during the last quarter. Xponance Inc. boosted its position in shares of Cloudflare by 4.5% in the 3rd quarter. Xponance Inc. now owns 63,718 shares of the company’s stock valued at $13,673,000 after purchasing an additional 2,722 shares during the period. DNB Asset Management AS grew its stake in Cloudflare by 47.8% during the 3rd quarter. DNB Asset Management AS now owns 93,642 shares of the company’s stock worth $20,095,000 after buying an additional 30,299 shares during the last quarter. Choreo LLC increased its position in Cloudflare by 2.7% during the third quarter. Choreo LLC now owns 6,337 shares of the company’s stock worth $1,360,000 after buying an additional 168 shares during the period. Finally, Amitell Capital Pte Ltd acquired a new position in Cloudflare during the third quarter worth approximately $2,552,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cloudflare

In other news, Director John Graham-Cumming sold 2,520 shares of the company’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $173.35, for a total transaction of $436,842.00. Following the transaction, the director directly owned 495,191 shares of the company’s stock, valued at $85,841,359.85. This represents a 0.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $172.76, for a total transaction of $4,429,739.16. Following the completion of the sale, the insider owned 34,514 shares of the company’s stock, valued at $5,962,638.64. This trade represents a 42.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 610,780 shares of company stock valued at $115,913,967. 10.89% of the stock is owned by company insiders.

Cloudflare Trading Down 1.6%

Shares of Cloudflare stock opened at $171.80 on Friday. Cloudflare, Inc. has a 52-week low of $89.42 and a 52-week high of $260.00. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 1.46. The company’s 50-day simple moving average is $185.86 and its 200-day simple moving average is $202.95. The firm has a market cap of $60.18 billion, a price-to-earnings ratio of -592.38 and a beta of 1.97.

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

Analysts Set New Price Targets

NET has been the subject of several research analyst reports. Jefferies Financial Group increased their price objective on Cloudflare from $185.00 to $225.00 and gave the company a “hold” rating in a report on Wednesday, February 11th. Mizuho decreased their price target on shares of Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. Oppenheimer initiated coverage on shares of Cloudflare in a research note on Monday, November 10th. They issued an “outperform” rating and a $260.00 price objective on the stock. BTIG Research upped their target price on shares of Cloudflare from $199.00 to $243.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Finally, KeyCorp reissued an “overweight” rating on shares of Cloudflare in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.70.

Cloudflare Company Profile

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.