Wealthedge Investment Advisors LLC Purchases Shares of 7,377 Cloudflare, Inc. (NYSE:NET)

Wealthedge Investment Advisors LLC bought a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 7,377 shares of the company's stock, valued at approximately $794,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Park Square Financial Group LLC bought a new stake in shares of Cloudflare in the 4th quarter worth $56,000. Menard Financial Group LLC bought a new stake in shares of Cloudflare in the 4th quarter worth $449,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Cloudflare in the 4th quarter worth $16,846,000. Employees Retirement System of Texas raised its stake in shares of Cloudflare by 14.0% in the 4th quarter. Employees Retirement System of Texas now owns 52,087 shares of the company's stock worth $5,609,000 after buying an additional 6,381 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Cloudflare during the fourth quarter worth $273,000. Institutional investors own 82.68% of the company's stock.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $116.47, for a total transaction of $6,101,164.48. Following the completion of the transaction, the chief executive officer now owns 413,413 shares of the company's stock, valued at approximately $48,150,212.11. The trade was a 11.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was 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 directly 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. Insiders sold a total of 501,085 shares of company stock worth $65,312,967 in the last three months. Company insiders own 12.83% of the company's stock.

Cloudflare Price Performance

NYSE:NET traded up $2.05 during trading hours on Friday, hitting $166.21. The company's stock had a trading volume of 3,894,099 shares, compared to its average volume of 3,143,466. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a fifty day simple moving average of $126.70 and a 200-day simple moving average of $124.52. The company has a market capitalization of $57.61 billion, a P/E ratio of -755.50 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 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company's revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 earnings per share. On average, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NET. Guggenheim boosted their target price on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research report on Friday, May 9th. Stifel Nicolaus lifted their price target on Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a report on Friday, February 7th. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. lifted their price target on Cloudflare from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Finally, CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target on the stock in a report on Monday, May 12th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cloudflare has a consensus rating of "Hold" and a consensus price target of $141.79.

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.