TIAA Trust National Association Makes New $9.75 Million Investment in Cloudflare, Inc. (NYSE:NET)

TIAA Trust National Association acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 90,559 shares of the company’s stock, valued at approximately $9,751,000.

Several other large investors have also recently modified their holdings of NET. Geode Capital Management LLC grew its position in Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after acquiring an additional 121,810 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after buying an additional 23,641 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Cloudflare by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock valued at $131,559,000 after buying an additional 63,945 shares during the last quarter. Finally, Peregrine Capital Management LLC boosted its position in Cloudflare by 0.4% during the 4th quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock valued at $71,250,000 after buying an additional 2,483 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Cantor Fitzgerald boosted their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Scotiabank upped their price target on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. Royal Bank of Canada dropped their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. The Goldman Sachs Group reduced their target price on Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $140.00 price target (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average price target of $135.64.

Insider Activity at Cloudflare

In other news, CAO Janel Riley sold 4,327 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 566,766 shares of company stock valued at $73,779,200 over the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Up 2.6 %

Shares of NYSE:NET opened at $127.16 on Wednesday. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The stock has a market capitalization of $43.88 billion, a price-to-earnings ratio of -578.00 and a beta of 1.27. The stock has a fifty day simple moving average of $137.01 and a two-hundred day simple moving average of $110.56. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (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%. On average, research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal 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.