RFG Advisory LLC Boosts Holdings in Cloudflare, Inc. (NYSE:NET)

RFG Advisory LLC boosted its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 72.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,972 shares of the company's stock after acquiring an additional 7,156 shares during the period. RFG Advisory LLC's holdings in Cloudflare were worth $1,913,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. NBC Securities Inc. purchased a new position in Cloudflare during the first quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB grew its stake in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after acquiring an additional 142 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in Cloudflare during the fourth quarter valued at approximately $43,000. Global Financial Private Client LLC grew its stake in Cloudflare by 38,100.0% in the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after buying an additional 381 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new position in Cloudflare in the 4th quarter worth approximately $56,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Cloudflare Trading Up 3.2%

NYSE:NET traded up $5.41 during midday trading on Thursday, reaching $176.33. 5,246,626 shares of the stock traded hands, compared to its average volume of 3,130,839. The company has a fifty day moving average of $131.14 and a 200 day moving average of $126.74. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $181.07. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market capitalization of $61.12 billion, a P/E ratio of -801.51 and a beta of 1.78.

Cloudflare (NYSE:NET - Get Free Report) last posted 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 4.72% and a negative return on equity of 5.52%. The firm had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. During the same quarter in the prior year, the company earned $0.16 earnings per share. The company's quarterly 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 year.

Analysts Set New Price Targets

A number of research firms have commented on NET. Piper Sandler reissued a "neutral" rating and issued a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. UBS Group boosted their price target on shares of Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. DZ Bank cut shares of Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target for the company. in a research note on Tuesday, February 11th. Guggenheim boosted their price target on shares of Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research note on Friday, May 9th. Finally, Morgan Stanley boosted their price target on shares of Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $143.25.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $107.29, for a total value of $2,750,915.60. Following the completion of the transaction, the insider now directly owns 413,413 shares in the company, valued at approximately $44,355,080.77. This represents a 5.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the completion of the transaction, the chief executive officer now owns 413,413 shares of the company's stock, valued at approximately $48,501,613.16. The trade was a 11.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 504,085 shares of company stock worth $65,810,967. 12.83% of the stock is currently owned by corporate insiders.

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.