Grant Private Wealth Management Inc Acquires New Stake in Cloudflare, Inc. (NYSE:NET)

Grant Private Wealth Management Inc purchased a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,576 shares of the company's stock, valued at approximately $403,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its stake in Cloudflare by 5.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 32,268 shares of the company's stock worth $3,636,000 after purchasing an additional 1,616 shares during the last quarter. Stock Yards Bank & Trust Co. raised its position in shares of Cloudflare by 5.8% in the first quarter. Stock Yards Bank & Trust Co. now owns 3,934 shares of the company's stock valued at $443,000 after buying an additional 215 shares during the last quarter. Jackson Square Capital LLC lifted its stake in shares of Cloudflare by 9.2% in the first quarter. Jackson Square Capital LLC now owns 12,285 shares of the company's stock worth $1,384,000 after buying an additional 1,038 shares in the last quarter. Azzad Asset Management Inc. ADV boosted its position in Cloudflare by 38.3% during the first quarter. Azzad Asset Management Inc. ADV now owns 14,923 shares of the company's stock worth $1,682,000 after acquiring an additional 4,130 shares during the last quarter. Finally, CVA Family Office LLC grew its stake in Cloudflare by 37.1% during the 1st quarter. CVA Family Office LLC now owns 392 shares of the company's stock valued at $44,000 after acquiring an additional 106 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $107.29, for a total transaction of $2,750,915.60. Following the transaction, the insider now owns 413,413 shares of the company's stock, valued at $44,355,080.77. The trade was a 5.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $171.25, for a total value of $8,970,760.00. Following the completion of the sale, the chief executive officer now owns 381,213 shares of the company's stock, valued at approximately $65,282,726.25. This represents a 12.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold 557,217 shares of company stock worth $81,105,568 in the last 90 days. Corporate insiders own 10.89% of the company's stock.

Cloudflare Trading Up 0.1%

NYSE NET traded up $0.12 during trading on Wednesday, hitting $181.35. The stock had a trading volume of 2,537,103 shares, compared to its average volume of 3,165,166. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $62.86 billion, a PE ratio of -788.47 and a beta of 1.84. The firm has a 50 day moving average price of $142.60 and a 200 day moving average price of $131.18. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $182.77.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NET. Needham & Company LLC raised their target price on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. UBS Group increased their price target on Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Finally, Guggenheim raised their target price on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $145.92.

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.