Elevation Point Wealth Partners LLC Buys Shares of 2,447 Cloudflare, Inc. (NYSE:NET)

Elevation Point Wealth Partners LLC bought a new stake in shares of Cloudflare, Inc. (NYSE:NET) in the first quarter, Holdings Channel reports. The fund bought 2,447 shares of the company’s stock, valued at approximately $276,000.

A number of other hedge funds have also added to or reduced their stakes in NET. Empowered Funds LLC grew its holdings in Cloudflare by 13.3% during the 4th quarter. Empowered Funds LLC now owns 4,960 shares of the company’s stock valued at $534,000 after buying an additional 582 shares in the last quarter. Savant Capital LLC purchased a new position in Cloudflare during the 4th quarter valued at about $237,000. Everhart Financial Group Inc. grew its holdings in Cloudflare by 4.6% during the 4th quarter. Everhart Financial Group Inc. now owns 4,935 shares of the company’s stock valued at $531,000 after buying an additional 219 shares in the last quarter. Allworth Financial LP grew its holdings in Cloudflare by 8.4% during the 4th quarter. Allworth Financial LP now owns 2,854 shares of the company’s stock valued at $307,000 after buying an additional 220 shares in the last quarter. Finally, J.W. Cole Advisors Inc. grew its holdings in Cloudflare by 14.4% during the 4th quarter. J.W. Cole Advisors Inc. now owns 3,721 shares of the company’s stock valued at $401,000 after buying an additional 468 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of NET stock opened at $179.15 on Tuesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $181.81. The stock has a 50 day moving average price of $141.25 and a two-hundred day moving average price of $130.84. The company has a market capitalization of $62.10 billion, a P/E ratio of -814.33 and a beta of 1.84.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The business’s revenue for the quarter was up 26.5% compared to the same quarter last year. Analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NET. KeyCorp started coverage on Cloudflare in a report on Friday, June 6th. They set an “overweight” rating and a $210.00 target price for the company. Capital One Financial raised Cloudflare from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 8th. Royal Bank of Canada cut their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Morgan Stanley boosted their price objective on Cloudflare from $144.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Finally, Piper Sandler reissued a “neutral” rating and set a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average target price of $145.92.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the completion of the transaction, the chief executive officer now owns 413,413 shares in the company, valued at $48,501,613.16. This represents 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 available through this hyperlink. Also, Director Carl Ledbetter sold 492 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $181.46, for a total value of $89,278.32. Following the transaction, the director now owns 1,083,123 shares of the company’s stock, valued at approximately $196,543,499.58. This represents a 0.05% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 609,601 shares of company stock worth $87,251,258. 10.89% of the stock is currently owned by insiders.

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.