Steel Grove Capital Advisors LLC Makes New Investment in Cloudflare, Inc. (NYSE:NET)

Steel Grove Capital Advisors LLC acquired a new stake in Cloudflare, Inc. (NYSE:NET) during the 1st quarter, Holdings Channel reports. The institutional investor acquired 3,252 shares of the company’s stock, valued at approximately $315,000.

A number of other hedge funds also recently made changes to their positions in NET. Cigna Investments Inc. New grew its stake in shares of Cloudflare by 4.2% in the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock valued at $307,000 after acquiring an additional 129 shares in the last quarter. Yousif Capital Management LLC raised its holdings in shares of Cloudflare by 4.0% during the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after buying an additional 130 shares in the last quarter. Quent Capital LLC lifted its position in shares of Cloudflare by 8.1% during the 4th quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock worth $156,000 after buying an additional 140 shares during the last quarter. GAMMA Investing LLC boosted its stake in Cloudflare by 34.4% in the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock valued at $65,000 after buying an additional 171 shares in the last quarter. Finally, Eagle Bay Advisors LLC grew its position in Cloudflare by 0.8% in the fourth quarter. Eagle Bay Advisors LLC now owns 21,005 shares of the company’s stock valued at $1,749,000 after acquiring an additional 177 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 8,022 shares of Cloudflare stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total transaction of $701,844.78. Following the completion of the transaction, the director now owns 1,196,793 shares in the company, valued at approximately $104,707,419.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total value of $264,360.00. Following the sale, the insider now owns 205,238 shares of the company’s stock, valued at $18,085,572.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Carl Ledbetter sold 8,022 shares of Cloudflare stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total transaction of $701,844.78. Following the completion of the sale, the director now directly owns 1,196,793 shares in the company, valued at approximately $104,707,419.57. The disclosure for this sale can be found here. In the last 90 days, insiders sold 714,232 shares of company stock worth $55,423,126. 12.83% of the stock is owned by corporate insiders.

Cloudflare Stock Up 0.0 %

Shares of NYSE NET traded up $0.02 during trading on Friday, hitting $78.06. 1,931,743 shares of the company traded hands, compared to its average volume of 2,356,911. The firm has a market capitalization of $26.52 billion, a price-to-earnings ratio of -147.28 and a beta of 1.10. The business’s fifty day moving average is $77.59 and its 200 day moving average is $85.29. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. Equities research analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NET shares. Susquehanna lowered their price objective on shares of Cloudflare from $115.00 to $80.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. The Goldman Sachs Group dropped their target price on Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. JMP Securities reissued a “market outperform” rating and set a $120.00 price target on shares of Cloudflare in a research note on Tuesday, May 14th. Guggenheim reaffirmed a “sell” rating and issued a $50.00 price objective on shares of Cloudflare in a research note on Tuesday, June 25th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $80.00 target price on shares of Cloudflare in a research report on Friday, June 21st. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Cloudflare has an average rating of “Hold” and a consensus target price of $90.92.

About Cloudflare

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.