Concurrent Investment Advisors LLC Purchases Shares of 7,019 Cloudflare, Inc. (NYSE:NET)

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

A number of other institutional investors have also added to or reduced their stakes in the company. CreativeOne Wealth LLC grew its position in Cloudflare by 0.8% during the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock worth $752,000 after buying an additional 58 shares in the last quarter. Spire Wealth Management grew its position in Cloudflare by 11.0% during the first quarter. Spire Wealth Management now owns 962 shares of the company's stock worth $108,000 after buying an additional 95 shares in the last quarter. Yousif Capital Management LLC grew its position in Cloudflare by 2.5% during the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after buying an additional 98 shares in the last quarter. Baxter Bros Inc. grew its position in Cloudflare by 3.8% during the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock worth $296,000 after buying an additional 100 shares in the last quarter. Finally, Ellevest Inc. grew its position in Cloudflare by 2.3% during the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock worth $489,000 after buying an additional 102 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Trading Down 0.4%

Shares of Cloudflare stock traded down $0.74 on Friday, hitting $181.18. 2,780,115 shares of the company's stock traded hands, compared to its average volume of 3,162,058. The firm's 50-day moving average price is $169.44 and its two-hundred day moving average price is $140.49. The stock has a market capitalization of $62.80 billion, a PE ratio of -787.74 and a beta of 1.85. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $198.01. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $469.49 million. During the same quarter in the prior year, the company earned $0.16 EPS. Cloudflare's quarterly revenue was up 26.5% on a year-over-year basis. On average, research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on NET shares. Piper Sandler reaffirmed a "neutral" rating and set a $151.00 price objective (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Susquehanna decreased their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. KeyCorp began coverage on Cloudflare in a report on Friday, June 6th. They set an "overweight" rating and a $210.00 price objective on the stock. Finally, The Goldman Sachs Group decreased their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $148.92.

Insider Buying and Selling

In other news, CFO Thomas J. Seifert sold 41,556 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $156.78, for a total value of $6,515,149.68. Following the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at approximately $37,870,209. This represents a 14.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $152.68, for a total transaction of $7,997,989.12. Following the completion of the sale, the chief executive officer directly owned 10,426 shares in the company, valued at approximately $1,591,841.68. The trade was a 83.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 581,060 shares of company stock valued at $95,040,197. Company insiders own 10.89% 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.