Concurrent Investment Advisors LLC Makes New $791,000 Investment in Cloudflare, Inc. (NYSE:NET)

Concurrent Investment Advisors LLC bought a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 7,019 shares of the company's stock, valued at approximately $791,000.

Several other large investors also recently modified their holdings of the business. GAMMA Investing LLC grew its stake in Cloudflare by 86.8% in the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock worth $123,000 after purchasing an additional 508 shares in the last quarter. LPL Financial LLC lifted its holdings in Cloudflare by 3.4% in the fourth quarter. LPL Financial LLC now owns 122,171 shares of the company's stock worth $13,155,000 after acquiring an additional 3,989 shares during the last quarter. Amalgamated Bank lifted its holdings in Cloudflare by 7.0% in the first quarter. Amalgamated Bank now owns 21,402 shares of the company's stock worth $2,412,000 after acquiring an additional 1,400 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Cloudflare by 47.0% in the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock worth $639,000 after acquiring an additional 1,896 shares during the last quarter. Finally, Yousif Capital Management LLC lifted its holdings in Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after acquiring an additional 98 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $152.68, for a total value of $7,997,989.12. Following the transaction, the chief executive officer owned 10,426 shares of the company's stock, valued at approximately $1,591,841.68. This represents a 83.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 35,098 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total value of $5,504,419.34. Following the completion of the transaction, the insider directly owned 6,390 shares in the company, valued at $1,002,143.70. This represents a 84.60% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 581,060 shares of company stock valued at $95,040,197. Corporate insiders own 10.89% of the company's stock.

Cloudflare Price Performance

Shares of NYSE NET traded down $0.74 during trading on Friday, hitting $181.18. The company had a trading volume of 2,780,115 shares, compared to its average volume of 3,169,136. The company has a market cap of $62.80 billion, a P/E ratio of -787.74 and a beta of 1.85. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $198.01. The business's 50-day moving average is $169.44 and its 200 day moving average is $140.88. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.16 EPS. Equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NET has been the topic of a number of recent research reports. Cowen reissued a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. Oppenheimer reaffirmed an "outperform" rating and set a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. KeyCorp assumed coverage on Cloudflare in a report on Friday, June 6th. They set an "overweight" rating and a $210.00 price target on the stock. Jefferies Financial Group cut their price target on Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a report on Friday, May 9th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cloudflare currently has an average rating of "Hold" and an average price target of $148.92.

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.