Kirtland Hills Capital Management LLC Takes $637,000 Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• Kirtland Hills Capital Management LLC has acquired a new position in Cloudflare, purchasing 5,899 shares valued at approximately $637,000.
• In the most recent quarterly earnings report, Cloudflare reported revenue of $479.09 million, exceeding analysts' expectations, although it missed the earnings per share estimate.
• Cloudflare's stock has received mixed ratings from analysts, with UBS raising its price target to $200.00 and Wells Fargo increasing its target to $225.00.

Kirtland Hills Capital Management LLC purchased a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,899 shares of the company's stock, valued at approximately $637,000.

A number of other large investors also recently modified their holdings of the business. Mather Group LLC. raised its stake in shares of Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after purchasing an additional 202 shares in the last quarter. NBC Securities Inc. acquired a new position in shares of Cloudflare in the first quarter valued at $27,000. GPS Wealth Strategies Group LLC raised its stake in shares of Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after purchasing an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after purchasing an additional 142 shares in the last quarter. Finally, Global Financial Private Client LLC raised its stake in shares of Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock valued at $43,000 after purchasing an additional 381 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Trading Down 3.7%

Cloudflare stock traded down $7.72 during mid-day trading on Friday, hitting $199.96. The stock had a trading volume of 5,148,617 shares, compared to its average volume of 3,726,152. The stock has a 50-day simple moving average of $182.66 and a two-hundred day simple moving average of $147.77. The stock has a market capitalization of $69.31 billion, a PE ratio of -869.69 and a beta of 1.85. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $211.27. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. The business had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm's quarterly revenue was up 27.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.20 earnings per share. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 59,130 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,382,465. This trade represents a 19.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $171.25, for a total value of $8,970,760.00. Following the transaction, the chief executive officer owned 381,213 shares in the company, valued at approximately $65,282,726.25. This trade represents a 12.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 688,062 shares of company stock worth $121,498,887 in the last ninety days. 10.89% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NET has been the subject of a number of recent research reports. Stifel Nicolaus upped their target price on Cloudflare from $175.00 to $230.00 and gave the company a "buy" rating in a research note on Friday. KeyCorp upped their target price on Cloudflare from $210.00 to $235.00 and gave the company an "overweight" rating in a research note on Friday. DZ Bank reiterated a "sell" rating and set a $170.00 price objective on shares of Cloudflare in a research note on Tuesday, July 22nd. Bank of America increased their price objective on Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Guggenheim increased their price objective on Cloudflare from $70.00 to $111.00 and gave the stock a "sell" rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Cloudflare currently has a consensus rating of "Moderate Buy" and an average price target of $183.28.

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.