Clarus Wealth Advisors Invests $836,000 in Cloudflare, Inc. (NYSE:NET)

Clarus Wealth Advisors bought a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,431 shares of the company's stock, valued at approximately $836,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NET. RFG Advisory LLC grew its holdings in shares of Cloudflare by 72.9% during the first quarter. RFG Advisory LLC now owns 16,972 shares of the company's stock valued at $1,913,000 after buying an additional 7,156 shares during the last quarter. Merit Financial Group LLC acquired a new position in Cloudflare during the 1st quarter valued at about $277,000. NBC Securities Inc. bought a new stake in Cloudflare during the 1st quarter worth approximately $27,000. Rhumbline Advisers raised its stake in shares of Cloudflare by 1.1% in the first quarter. Rhumbline Advisers now owns 401,846 shares of the company's stock worth $45,284,000 after purchasing an additional 4,195 shares during the last quarter. Finally, Atlas Brown Inc. lifted its holdings in shares of Cloudflare by 4.0% in the first quarter. Atlas Brown Inc. now owns 8,847 shares of the company's stock valued at $997,000 after purchasing an additional 344 shares in the last quarter. Institutional investors own 82.68% of the company's stock.

Cloudflare Price Performance

Cloudflare stock traded down $1.92 during midday trading on Wednesday, reaching $170.65. 2,293,324 shares of the stock were exchanged, compared to its average volume of 3,129,837. Cloudflare, Inc. has a 52 week low of $67.01 and a 52 week high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm has a market cap of $59.15 billion, a PE ratio of -775.68 and a beta of 1.78. The company's fifty day moving average is $128.75 and its 200-day moving average is $125.85.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on NET. Guggenheim upped their price target on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a report on Friday, May 9th. UBS Group raised their price target on shares of Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. The Goldman Sachs Group cut 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. Piper Sandler reissued a "neutral" rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Finally, JMP Securities boosted their target price on Cloudflare from $135.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $141.79.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 2,311 shares of the company's stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $107.75, for a total value of $249,010.25. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $44,545,250.75. The trade was a 0.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total value of $1,200,000.00. Following the sale, the chief financial officer now owns 293,582 shares in the company, valued at $35,229,840. The trade was a 3.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 504,085 shares of company stock valued at $65,810,967 in the last 90 days. Corporate insiders own 12.83% of the company's stock.

Cloudflare 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.