Andar Capital Management HK Ltd Has $4.77 Million Position in Cloudflare, Inc. (NYSE:NET)

Andar Capital Management HK Ltd grew its holdings in Cloudflare, Inc. (NYSE:NET) by 44.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,600 shares of the company’s stock after acquiring an additional 17,600 shares during the quarter. Cloudflare accounts for 6.6% of Andar Capital Management HK Ltd’s portfolio, making the stock its 4th largest holding. Andar Capital Management HK Ltd’s holdings in Cloudflare were worth $4,771,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of NET. Riverview Trust Co bought a new position in Cloudflare in the first quarter worth $27,000. Allspring Global Investments Holdings LLC lifted its position in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare in the second quarter worth $29,000. ICA Group Wealth Management LLC bought a new position in Cloudflare in the fourth quarter worth $38,000. Finally, Versant Capital Management Inc lifted its position in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after purchasing an additional 421 shares during the period. 82.68% of the stock is owned by institutional investors.

Cloudflare Stock Down 1.0 %

Shares of NYSE:NET opened at $79.14 on Wednesday. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00. The company has a 50 day moving average of $79.52 and a 200-day moving average of $82.67. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The stock has a market cap of $26.89 billion, a price-to-earnings ratio of -149.32 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $394.11 million. During the same quarter in the previous year, the company earned ($0.12) EPS. Cloudflare’s revenue was up 30.0% on a year-over-year basis. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.12 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.65, for a total transaction of $247,950.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at approximately $16,141,792.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.65, for a total transaction of $247,950.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at approximately $16,141,792.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the transaction, the chief accounting officer now directly owns 80,183 shares in the company, valued at approximately $6,546,941.95. The disclosure for this sale can be found here. Insiders have sold 584,882 shares of company stock valued at $47,094,359 in the last 90 days. 12.83% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on NET. Piper Sandler raised their target price on Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Robert W. Baird increased their price objective on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Scotiabank assumed coverage on Cloudflare in a research note on Monday, July 8th. They set a “sector perform” rating and a $85.00 price objective for the company. Mizuho increased their price objective on Cloudflare from $88.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 16th. Finally, Royal Bank of Canada increased their price objective on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $92.29.

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.