Mutual Advisors LLC Buys Shares of 1,674 Cloudflare, Inc. (NYSE:NET)

Mutual Advisors LLC acquired a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,674 shares of the company's stock, valued at approximately $203,000.

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NET. Royal Bank Of Canada cut their price objective on Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Piper Sandler reaffirmed a "neutral" rating and issued a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Mizuho raised Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price objective for the company in a research report on Wednesday, April 16th. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and raised their price objective for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Finally, Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $145.92.

Cloudflare Trading Down 6.0%

Shares of NYSE:NET traded down $11.66 during mid-day trading on Thursday, reaching $181.83. 3,855,927 shares of the company's stock were exchanged, compared to its average volume of 3,156,772. The business's fifty day moving average price is $167.12 and its 200-day moving average price is $139.54. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $198.01. The firm has a market capitalization of $63.02 billion, a price-to-earnings ratio of -790.57 and a beta of 1.85. 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 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). 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 for the quarter, compared to the consensus estimate of $469.49 million. During the same period last year, the company posted $0.16 EPS. The business's revenue was up 26.5% compared to the same quarter last year. On average, research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction on 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 sale, the chief financial officer directly owned 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Carl Ledbetter sold 15,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $193.94, for a total value of $2,909,100.00. Following the completion of the transaction, the director owned 1,058,073 shares of the company's stock, valued at $205,202,677.62. This trade represents a 1.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 476,292 shares of company stock worth $75,299,286 over the last 90 days. 10.89% of the stock is owned by company insiders.

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.