Whetstone Capital Advisors LLC Has $36.43 Million Position in Cloudflare, Inc. (NYSE:NET)

Whetstone Capital Advisors LLC lowered its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 518,441 shares of the company’s stock after selling 8,789 shares during the quarter. Cloudflare accounts for about 7.7% of Whetstone Capital Advisors LLC’s portfolio, making the stock its 3rd largest position. Whetstone Capital Advisors LLC’s holdings in Cloudflare were worth $36,426,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in NET. Baldwin Brothers Inc. MA bought a new position in Cloudflare during the first quarter valued at $32,000. Captrust Financial Advisors bought a new position in Cloudflare during the fourth quarter valued at $33,000. Eudaimonia Partners LLC bought a new position in Cloudflare during the fourth quarter valued at $38,000. Invictus RG bought a new position in Cloudflare during the fourth quarter valued at $42,000. Finally, Regal Wealth Group Inc. bought a new position in Cloudflare during the first quarter valued at $42,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

NET has been the subject of several analyst reports. Jefferies Financial Group lowered their target price on shares of Cloudflare from $100.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, May 18th. They noted that the move was a valuation call. KeyCorp raised their target price on shares of Cloudflare from $87.00 to $99.00 and gave the stock an “overweight” rating in a report on Friday, February 12th. Morgan Stanley raised their target price on shares of Cloudflare from $88.00 to $91.00 and gave the stock an “equal weight” rating in a report on Friday, May 7th. Truist upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and raised their target price for the stock from $75.00 to $110.00 in a report on Tuesday, March 23rd. Finally, Cowen initiated coverage on shares of Cloudflare in a report on Wednesday, May 26th. They issued an “outperform” rating and a $100.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have issued a buy rating to the stock. Cloudflare currently has a consensus rating of “Buy” and an average price target of $81.17.

NYSE NET traded up $0.27 during trading on Friday, reaching $93.74. 68,802 shares of the company’s stock traded hands, compared to its average volume of 4,293,080. The company has a debt-to-equity ratio of 0.49, a quick ratio of 6.78 and a current ratio of 6.78. The stock has a market cap of $29.12 billion, a price-to-earnings ratio of -223.12 and a beta of 0.03. The company has a 50 day simple moving average of $77.59. Cloudflare, Inc. has a 12-month low of $27.92 and a 12-month high of $95.77.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). Cloudflare had a negative return on equity of 11.84% and a negative net margin of 26.49%. The firm had revenue of $138.06 million during the quarter, compared to analysts’ expectations of $131.26 million. As a group, analysts predict that Cloudflare, Inc. will post -0.44 earnings per share for the current year.

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Monday, March 22nd. The shares were sold at an average price of $72.63, for a total value of $3,804,649.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 20,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $75.21, for a total transaction of $1,504,200.00. Following the completion of the transaction, the chief financial officer now directly owns 70,156 shares in the company, valued at approximately $5,276,432.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 868,632 shares of company stock worth $65,037,602. Insiders own 35.89% of the company’s stock.

Cloudflare Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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