Wealthedge Investment Advisors LLC Has $1.37 Million Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• Wealthedge Investment Advisors LLC increased its stake in Cloudflare, Inc. by 64.5%, bringing its holdings to 12,132 shares valued at approximately $1.37 million as of the end of the most recent quarter.
• Insider sales included Douglas James Kramer selling 3,000 shares and CFO Thomas J. Seifert selling 59,130 shares, decreasing their ownership by 1.87% and 19.67% respectively.
• Cloudflare's recent quarterly earnings report exceeded analysts' expectations with a 27.8% year-over-year revenue increase and EPS of $0.21, beating the consensus estimate of $0.18.

Wealthedge Investment Advisors LLC lifted its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 64.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,132 shares of the company's stock after purchasing an additional 4,755 shares during the period. Wealthedge Investment Advisors LLC's holdings in Cloudflare were worth $1,367,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Cloudflare by 86.8% during the 1st quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock worth $123,000 after buying an additional 508 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in shares of Cloudflare by 9.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock worth $297,000 after buying an additional 230 shares during the period. Amalgamated Bank boosted its holdings in shares of Cloudflare by 7.0% during the 1st quarter. Amalgamated Bank now owns 21,402 shares of the company's stock worth $2,412,000 after buying an additional 1,400 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Cloudflare by 47.0% during the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock worth $639,000 after buying an additional 1,896 shares during the period. Finally, Yousif Capital Management LLC boosted its holdings in shares of Cloudflare by 2.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after buying an additional 98 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $198.22, for a total transaction of $594,660.00. Following the completion of the sale, the insider directly owned 157,377 shares in the company, valued at $31,195,268.94. This represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 59,130 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $48,382,465. This trade represents a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 586,294 shares of company stock valued at $106,298,200 over the last 90 days. 10.89% of the stock is owned by company insiders.

Cloudflare Price Performance

NET stock opened at $195.18 on Friday. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14. Cloudflare, Inc. has a 1 year low of $74.88 and a 1 year high of $219.00. The company has a 50 day simple moving average of $191.31 and a 200 day simple moving average of $154.30. The stock has a market cap of $68.02 billion, a price-to-earnings ratio of -574.07 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The firm had revenue of $512.32 million during the quarter, compared to analysts' expectations of $501.58 million. During the same period in the prior year, the company posted $0.20 EPS. The company's revenue was up 27.8% on a year-over-year basis. Research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NET has been the subject of several research analyst reports. Guggenheim lifted their target price on shares of Cloudflare from $70.00 to $111.00 and gave the stock a "sell" rating in a report on Friday, August 1st. Cantor Fitzgerald boosted their price objective on shares of Cloudflare from $162.00 to $199.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Piper Sandler boosted their price objective on shares of Cloudflare from $151.00 to $224.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Oppenheimer reissued an "outperform" rating and issued a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Finally, Needham & Company LLC boosted their price objective on shares of Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a report on Friday, August 1st. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $186.88.

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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