Sagespring Wealth Partners LLC Makes New Investment in Cloudflare, Inc. (NYSE:NET)

Sagespring Wealth Partners LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 2,624 shares of the company's stock, valued at approximately $296,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. NBC Securities Inc. acquired a new stake in shares of Cloudflare in the 1st quarter worth approximately $27,000. GPS Wealth Strategies Group LLC grew its holdings in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after buying an additional 142 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Cloudflare in the fourth quarter valued at $43,000. Finally, Global Financial Private Client LLC raised its stake in shares of Cloudflare by 38,100.0% during the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after buying an additional 381 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cloudflare

In other news, Director Carl Ledbetter sold 492 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $181.46, for a total transaction of $89,278.32. Following the transaction, the director now directly owns 1,083,123 shares of the company's stock, valued at approximately $196,543,499.58. The trade was a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $130.85, for a total transaction of $3,354,994.00. Following the completion of the transaction, the insider now owns 413,413 shares of the company's stock, valued at $54,095,091.05. This trade represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 557,267 shares of company stock valued at $81,730,346 over the last 90 days. 10.89% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NET shares. Morgan Stanley increased their price objective on shares of Cloudflare from $144.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. The Goldman Sachs Group reduced their price target on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Guggenheim increased their price target on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research report on Friday, May 9th. Piper Sandler restated a "neutral" rating and set a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Finally, Needham & Company LLC upped their target price on Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cloudflare has an average rating of "Hold" and an average target price of $145.92.

Cloudflare Trading Down 1.2%

Shares of Cloudflare stock traded down $2.13 during trading hours on Friday, hitting $179.27. The company's stock had a trading volume of 2,666,266 shares, compared to its average volume of 3,160,648. The business has a fifty day moving average of $145.48 and a 200 day moving average of $132.05. The company has a market capitalization of $62.14 billion, a PE ratio of -779.42 and a beta of 1.84. Cloudflare, Inc. has a 1-year low of $69.26 and a 1-year high of $184.63. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90.

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