Graypoint LLC Invests $217,000 in Cloudflare, Inc. (NYSE:NET)

Graypoint LLC acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,925 shares of the company's stock, valued at approximately $217,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NET. Mather Group LLC. raised its stake in Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after acquiring an additional 202 shares in the last quarter. NBC Securities Inc. bought a new stake in Cloudflare during the 1st quarter valued at $27,000. GPS Wealth Strategies Group LLC raised its stake in Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after acquiring an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after acquiring an additional 142 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Cloudflare during the 4th quarter valued at $43,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

NET has been the topic of a number of research reports. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective on the stock in a research note on Monday, May 12th. KeyCorp began coverage on Cloudflare in a research report on Friday, June 6th. They set an "overweight" rating and a $210.00 target price on the stock. Oppenheimer reaffirmed an "outperform" rating and set a $200.00 target price (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Finally, Susquehanna cut their target price on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $152.32.

Insider Buying and Selling at Cloudflare

In other news, insider Michelle Zatlyn sold 35,098 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the sale, the insider owned 6,390 shares in the company, valued at approximately $1,002,143.70. This represents a 84.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 41,556 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total value of $6,515,149.68. Following the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $37,870,209. This trade represents a 14.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 581,062 shares of company stock worth $99,070,153 over the last 90 days. 10.89% of the stock is currently owned by corporate insiders.

Cloudflare Stock Up 2.9%

NYSE NET traded up $5.52 on Friday, reaching $196.77. The stock had a trading volume of 4,214,067 shares, compared to its average volume of 3,182,195. The business has a 50 day moving average price of $175.86 and a 200 day moving average price of $143.46. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $198.01. The company has a market capitalization of $68.20 billion, a price-to-earnings ratio of -855.52 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The firm had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. During the same quarter last year, the firm earned $0.16 EPS. The business's revenue for the quarter was up 26.5% compared to the same quarter last year. On average, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

About Cloudflare

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.