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.
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, 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.
Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NET).
Receive News & Ratings for Cloudflare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cloudflare and related companies with MarketBeat.com's FREE daily email newsletter.