6,162 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by Putney Financial Group LLC

Putney Financial Group LLC acquired a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,162 shares of the company's stock, valued at approximately $664,000. Cloudflare comprises about 0.5% of Putney Financial Group LLC's portfolio, making the stock its 25th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Hartline Investment Corp grew its holdings in Cloudflare by 1.5% during the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company's stock worth $28,464,000 after acquiring an additional 3,957 shares during the last quarter. Birchcreek Wealth Management LLC bought a new stake in Cloudflare during the 4th quarter worth about $215,000. Strategic Blueprint LLC bought a new position in shares of Cloudflare in the 4th quarter valued at about $265,000. Clarendon Private LLC bought a new position in shares of Cloudflare in the 4th quarter valued at about $293,000. Finally, Savant Capital LLC bought a new position in shares of Cloudflare in the 4th quarter valued at about $237,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Performance

NYSE:NET traded down $1.28 during mid-day trading on Friday, hitting $162.88. 1,124,149 shares of the company traded hands, compared to its average volume of 3,832,223. The stock's fifty day moving average price is $125.92 and its 200-day moving average price is $124.00. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $56.46 billion, a price-to-earnings ratio of -740.48 and a beta of 1.78.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The business had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The business's revenue was up 26.5% on a year-over-year basis. During the same period last year, the company earned $0.16 EPS. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $116.47, for a total value of $6,101,164.48. Following the completion of the transaction, the chief executive officer now owns 413,413 shares in the company, valued at $48,150,212.11. This trade represents a 11.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total value of $1,200,000.00. Following the transaction, the chief financial officer now owns 293,582 shares of the company's stock, valued at $35,229,840. The trade was a 3.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 501,085 shares of company stock valued at $65,312,967. 12.83% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on NET. CICC Research raised shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective on the stock in a research note on Monday, May 12th. Mizuho raised shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price objective on the stock in a research note on Wednesday, April 16th. Piper Sandler restated a "neutral" rating and set a $151.00 target price (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Bank of America upgraded shares of Cloudflare from an "underperform" rating to a "buy" rating and raised their target price for the stock from $60.00 to $160.00 in a report on Tuesday, March 25th. Finally, The Goldman Sachs Group dropped their target price on shares of 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, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $141.79.

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.