Sowell Financial Services LLC Makes New Investment in Cloudflare, Inc. (NYSE:NET)

Sowell Financial Services LLC purchased a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,010 shares of the company's stock, valued at approximately $226,000.

A number of other institutional investors have also modified their holdings of the company. NBC Securities Inc. purchased a new position in Cloudflare during the 1st quarter worth $27,000. GPS Wealth Strategies Group LLC boosted its holdings in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after acquiring an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after acquiring an additional 142 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Cloudflare during the fourth quarter valued at about $43,000. Finally, Global Financial Private Client LLC raised its position in shares of Cloudflare by 38,100.0% in the 1st 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 during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total transaction of $5,284,497.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carl Ledbetter sold 492 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $181.46, for a total transaction of $89,278.32. Following the completion of the transaction, the director now directly owns 1,083,123 shares in the company, valued at $196,543,499.58. This represents a 0.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 557,267 shares of company stock valued at $81,730,346. Company insiders own 10.89% of the company's stock.

Cloudflare Stock Performance

NET opened at $179.27 on Monday. The firm has a fifty day moving average price of $146.95 and a 200 day moving average price of $132.87. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $184.85. The stock has a market cap of $62.14 billion, a P/E ratio of -779.42 and a beta of 1.84. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20.

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

Analysts Set New Price Targets

NET has been the topic of several research analyst reports. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Guggenheim lifted their price objective 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. Royal Bank Of Canada cut their target price on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group reduced their target price on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a research note on Friday, May 9th. Finally, Needham & Company LLC lifted their price target on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $145.92.

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.

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