8,988 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by Texas Treasury Safekeeping Trust Co.

Texas Treasury Safekeeping Trust Co. bought a new position in shares of Cloudflare, Inc. (NYSE:NET) in the 2nd quarter, Holdings Channel reports. The fund bought 8,988 shares of the company’s stock, valued at approximately $951,000. Cloudflare makes up 0.3% of Texas Treasury Safekeeping Trust Co.’s portfolio, making the stock its 6th biggest position.

Several other hedge funds also recently made changes to their positions in NET. Morgan Stanley boosted its holdings in shares of Cloudflare by 49.5% during the 1st quarter. Morgan Stanley now owns 13,049,620 shares of the company’s stock worth $916,866,000 after buying an additional 4,319,588 shares during the period. BlackRock Inc. boosted its holdings in Cloudflare by 20.7% in the 1st quarter. BlackRock Inc. now owns 11,003,860 shares of the company’s stock valued at $773,131,000 after purchasing an additional 1,889,327 shares during the period. Sands Capital Management LLC bought a new stake in Cloudflare in the 1st quarter valued at about $64,481,000. Corient Capital Partners LLC bought a new stake in Cloudflare in the 1st quarter valued at about $42,182,000. Finally, Swiss National Bank boosted its holdings in Cloudflare by 78.7% in the 1st quarter. Swiss National Bank now owns 1,040,800 shares of the company’s stock valued at $73,127,000 after purchasing an additional 458,500 shares during the period. 66.94% of the stock is owned by institutional investors and hedge funds.

NET stock opened at $127.19 on Tuesday. The company has a 50 day simple moving average of $120.60 and a 200 day simple moving average of $95.73. The stock has a market cap of $39.74 billion, a price-to-earnings ratio of -282.64 and a beta of 0.03. Cloudflare, Inc. has a 1 year low of $36.50 and a 1 year high of $134.54. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.72 and a quick ratio of 5.72.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, August 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.04. Cloudflare had a negative net margin of 25.63% and a negative return on equity of 12.61%. The firm had revenue of $152.43 million during the quarter, compared to analysts’ expectations of $146.22 million. On average, equities research analysts anticipate that Cloudflare, Inc. will post -0.46 EPS for the current fiscal year.

In other news, CFO Thomas J. Seifert sold 50,000 shares of the company’s stock in a transaction on Thursday, June 24th. The shares were sold at an average price of $105.28, for a total value of $5,264,000.00. Following the sale, the chief financial officer now directly owns 100,156 shares of the company’s stock, valued at approximately $10,544,423.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Michelle Zatlyn sold 33,330 shares of the company’s stock in a transaction on Wednesday, June 23rd. The shares were sold at an average price of $103.24, for a total transaction of $3,440,989.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 837,790 shares of company stock valued at $95,812,989. Corporate insiders own 20.69% of the company’s stock.

A number of research firms have issued reports on NET. Truist Securities boosted their price objective on shares of Cloudflare from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, August 6th. Oppenheimer boosted their price objective on shares of Cloudflare from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Robert W. Baird downgraded shares of Cloudflare from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $95.00 to $117.00 in a report on Friday, August 6th. Cowen boosted their price objective on shares of Cloudflare from $124.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Finally, Zacks Investment Research raised shares of Cloudflare from a “sell” rating to a “hold” rating in a report on Wednesday, September 1st. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $110.13.

About Cloudflare

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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