Left Brain Wealth Management LLC Acquires New Holdings in Cloudflare, Inc. (NYSE:NET)

Left Brain Wealth Management LLC purchased a new position in Cloudflare, Inc. (NYSE:NET - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,305 shares of the company's stock, valued at approximately $372,000.

A number of other hedge funds have also recently added to or reduced their stakes in NET. Mather Group LLC. grew its position in Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after buying an additional 202 shares during the period. NBC Securities Inc. acquired a new stake in Cloudflare during the first quarter valued at $27,000. GPS Wealth Strategies Group LLC grew its position in Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after buying an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in Cloudflare by 115.4% during 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 during the period. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Cloudflare during the fourth quarter valued at $43,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NET has been the topic of several analyst reports. CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target on the stock in a research report on Monday, May 12th. Mizuho raised shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price target on the stock in a research note on Wednesday, April 16th. Piper Sandler reissued a "neutral" rating and issued a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, Guggenheim lifted their price target on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $148.92.

Insider Activity at Cloudflare

In related news, Director Carl Ledbetter sold 15,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $193.94, for a total value of $2,909,100.00. Following the sale, the director directly owned 1,058,073 shares in the company, valued at approximately $205,202,677.62. The trade was a 1.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $184.58, for a total transaction of $9,669,038.72. Following the completion of the sale, the chief executive officer owned 381,213 shares in the company, valued at approximately $70,364,295.54. This trade represents a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 581,060 shares of company stock valued at $95,040,197 in the last quarter. Corporate insiders own 10.89% of the company's stock.

Cloudflare Trading Up 0.7%

Shares of NYSE NET traded up $1.34 during trading on Monday, hitting $182.73. 2,757,689 shares of the company were exchanged, compared to its average volume of 3,167,496. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $198.01. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The company has a fifty day moving average price of $169.44 and a 200-day moving average price of $140.88. The firm has a market capitalization of $63.34 billion, a PE ratio of -794.49 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same quarter in the prior year, the firm earned $0.16 EPS. The firm's revenue was up 26.5% on a year-over-year basis. As a group, equities research analysts expect 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.