Sagespring Wealth Partners LLC Purchases New Shares in Cloudflare, Inc. (NYSE:NET)

Sagespring Wealth Partners LLC purchased a new stake in Cloudflare, Inc. (NYSE:NET) during the 1st quarter, HoldingsChannel reports. The firm purchased 2,624 shares of the company’s stock, valued at approximately $296,000.

Several other large investors have also added to or reduced their stakes in the stock. Sowell Financial Services LLC bought a new stake in Cloudflare in the first quarter valued at $226,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Cloudflare during the 1st quarter valued at $223,000. Grant Private Wealth Management Inc bought a new stake in shares of Cloudflare during the 1st quarter valued at $403,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Cloudflare by 5.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 32,268 shares of the company’s stock valued at $3,636,000 after buying an additional 1,616 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. boosted its holdings in shares of Cloudflare by 5.8% during the 1st quarter. Stock Yards Bank & Trust Co. now owns 3,934 shares of the company’s stock valued at $443,000 after buying an additional 215 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of NYSE:NET opened at $181.35 on Friday. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $182.98. The business has a 50-day simple moving average of $145.48 and a two-hundred day simple moving average of $132.05. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The firm has a market cap of $62.86 billion, a price-to-earnings ratio of -788.47 and a beta of 1.84.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The business had revenue of $479.09 million for the quarter, compared to analysts’ expectations of $469.49 million. During the same period in the previous year, the company earned $0.16 EPS. Cloudflare’s revenue for the quarter was up 26.5% compared to the same quarter last year. On average, analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $130.85, for a total transaction of $3,354,994.00. Following the completion of the sale, the insider now directly owns 413,413 shares of the company’s stock, valued at $54,095,091.05. This trade represents a 5.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $120.14, for a total transaction of $1,201,400.00. Following the sale, the chief financial officer now directly owns 293,582 shares of the company’s stock, valued at approximately $35,270,941.48. This trade represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 557,267 shares of company stock valued at $81,730,346 in the last quarter. 10.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NET. Morgan Stanley boosted their target price on shares of Cloudflare from $144.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Piper Sandler restated a “neutral” rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Cowen restated a “buy” rating on shares of Cloudflare in a report on Monday. Needham & Company LLC boosted their target price on shares of Cloudflare from $145.00 to $160.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, The Goldman Sachs Group dropped their target price on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $145.92.

Cloudflare 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.