Steel Grove Capital Advisors LLC Makes New $315,000 Investment in Cloudflare, Inc. (NYSE:NET)

Steel Grove Capital Advisors LLC purchased a new stake in Cloudflare, Inc. (NYSE:NET) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,252 shares of the company’s stock, valued at approximately $315,000.

Several other institutional investors have also added to or reduced their stakes in NET. Riverview Trust Co bought a new stake in Cloudflare during the first quarter worth $27,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in Cloudflare in the 4th quarter valued at about $38,000. GAMMA Investing LLC acquired a new position in shares of Cloudflare during the 4th quarter worth $39,000. Finally, Pingora Partners LLC bought a new stake in shares of Cloudflare during the 4th quarter worth $42,000. 82.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Oppenheimer decreased their price target on Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Cantor Fitzgerald restated a “neutral” rating and issued a $80.00 price objective on shares of Cloudflare in a research note on Friday, June 21st. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research note on Tuesday, May 7th. Robert W. Baird dropped their target price on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Finally, Mizuho increased their price target on shares of Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. 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.com, Cloudflare currently has an average rating of “Hold” and an average target price of $90.92.

Insider Activity at Cloudflare

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

Cloudflare Price Performance

Shares of NET stock traded up $0.02 during mid-day trading on Friday, hitting $78.06. 1,931,743 shares of the stock were exchanged, compared to its average volume of 2,356,911. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The company has a market cap of $26.52 billion, a PE ratio of -147.28 and a beta of 1.10. The firm has a fifty day moving average of $77.59 and a 200 day moving average of $85.29. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-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 the consensus estimate of ($0.05) by $0.02. The firm had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Research analysts anticipate that Cloudflare, Inc. will post -0.19 earnings per share for the current year.

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.