Kingswood Wealth Advisors LLC Purchases New Position in Cloudflare, Inc. (NYSE:NET)

Kingswood Wealth Advisors LLC purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,918 shares of the company's stock, valued at approximately $216,000.

Several other hedge funds also recently made changes to their positions in the company. Rakuten Securities Inc. boosted its position in shares of Cloudflare by 151.3% during the first quarter. Rakuten Securities Inc. now owns 2,156 shares of the company's stock valued at $243,000 after purchasing an additional 1,298 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in Cloudflare in the first quarter worth $103,000. QRG Capital Management Inc. boosted its holdings in Cloudflare by 34.7% in the first quarter. QRG Capital Management Inc. now owns 65,151 shares of the company's stock worth $7,342,000 after acquiring an additional 16,770 shares in the last quarter. Sagespring Wealth Partners LLC bought a new stake in Cloudflare in the first quarter worth $296,000. Finally, Sowell Financial Services LLC bought a new stake in Cloudflare in the first quarter worth $226,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

NET traded up $2.76 during midday trading on Tuesday, reaching $186.63. The company had a trading volume of 2,026,386 shares, compared to its average volume of 3,138,518. 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 business has a 50-day moving average of $150.04 and a two-hundred day moving average of $133.74. The company has a market cap of $64.69 billion, a P/E ratio of -811.45 and a beta of 1.84. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $187.90.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business's quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 EPS. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the completion of the sale, the chief financial officer now owns 241,550 shares in the company, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carl Ledbetter sold 749 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $181.46, for a total value of $135,913.54. Following the sale, the director now owns 1,083,615 shares of the company's stock, valued at $196,632,777.90. This represents a 0.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 541,627 shares of company stock worth $80,182,952. 10.89% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NET shares. UBS Group boosted their target price on Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Mizuho raised Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 target price on the stock in a report on Wednesday, April 16th. Piper Sandler reissued a "neutral" rating and issued a $151.00 target price (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. KeyCorp started coverage on Cloudflare in a report on Friday, June 6th. They set an "overweight" rating and a $210.00 price target on the stock. Finally, Cowen reaffirmed a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. Three 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 stock. According to MarketBeat.com, Cloudflare has an average 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.