Realta Investment Advisors Buys Shares of 4,889 Cloudflare, Inc. (NYSE:NET)

Realta Investment Advisors bought a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,889 shares of the company's stock, valued at approximately $551,000.

Several other hedge funds have also recently made changes to their positions in the company. Ballentine Partners LLC raised its stake in shares of Cloudflare by 19.9% in the first quarter. Ballentine Partners LLC now owns 4,049 shares of the company's stock valued at $456,000 after buying an additional 671 shares during the period. Diversify Wealth Management LLC raised its stake in shares of Cloudflare by 32.8% during the 1st quarter. Diversify Wealth Management LLC now owns 3,382 shares of the company's stock valued at $413,000 after purchasing an additional 835 shares during the period. Xponance Inc. raised its stake in shares of Cloudflare by 4.5% during the 1st quarter. Xponance Inc. now owns 57,909 shares of the company's stock valued at $6,526,000 after purchasing an additional 2,503 shares during the period. Cerity Partners LLC raised its stake in shares of Cloudflare by 13.3% during the 1st quarter. Cerity Partners LLC now owns 21,168 shares of the company's stock valued at $2,385,000 after purchasing an additional 2,489 shares during the period. Finally, Bridges Investment Management Inc. bought a new stake in shares of Cloudflare during the 1st quarter valued at $234,000. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NET has been the topic of a number of analyst reports. UBS Group boosted their price objective on Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Piper Sandler reiterated a "neutral" rating and set a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Mizuho upgraded 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. CICC Research upgraded 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. Finally, Oppenheimer reiterated an "outperform" rating and set a $200.00 price objective (up from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $148.92.

Cloudflare Price Performance

NET opened at $181.18 on Friday. The stock has a 50-day moving average price of $169.44 and a 200-day moving average price of $140.49. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $198.01. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $62.80 billion, a P/E ratio of -787.74 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results 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). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same period last year, the firm posted $0.16 EPS. The company's revenue was up 26.5% on a year-over-year basis. Equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $184.58, for a total value of $9,669,038.72. Following the completion of the sale, the chief executive officer owned 381,213 shares of the company's stock, valued at approximately $70,364,295.54. The trade was a 12.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Douglas James Kramer sold 9,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $196.09, for a total value of $1,764,810.00. Following the completion of the sale, the insider directly owned 160,377 shares of the company's stock, valued at approximately $31,448,325.93. This trade represents a 5.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 581,060 shares of company stock worth $95,040,197. Insiders own 10.89% of the company's stock.

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.

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