SeaCrest Wealth Management LLC Acquires New Stake in Cloudflare, Inc. (NYSE:NET)

SeaCrest Wealth Management LLC bought a new position in Cloudflare, Inc. (NYSE:NET) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,083 shares of the company’s stock, valued at approximately $235,000.

Other large investors have also bought and sold shares of the company. NBC Securities Inc. bought a new position in Cloudflare during the first quarter worth about $27,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after buying an additional 142 shares in the last quarter. Global Financial Private Client LLC boosted its holdings in Cloudflare by 38,100.0% in the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock worth $43,000 after buying an additional 381 shares during the period. Gordian Capital Singapore Pte Ltd purchased a new position in Cloudflare in the 4th quarter valued at approximately $43,000. Finally, Park Square Financial Group LLC bought a new stake in Cloudflare during the 4th quarter valued at $56,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cloudflare

In other news, insider Michelle Zatlyn sold 25,642 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $173.00, for a total transaction of $4,436,066.00. Following the transaction, the insider now directly owns 6,390 shares of the company’s stock, valued at approximately $1,105,470. The trade was a 80.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the chief financial officer now owns 293,582 shares in the company, valued at approximately $35,229,840. This trade represents a 3.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 555,368 shares of company stock worth $74,642,157 in the last three months. 12.83% of the stock is owned by insiders.

Cloudflare Stock Up 1.9%

NET opened at $179.70 on Monday. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $181.81. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The business’s 50-day moving average price is $132.42 and its 200-day moving average price is $127.69. The company has a market cap of $62.29 billion, a P/E ratio of -816.82 and a beta of 1.84.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Needham & Company LLC raised their price target on Cloudflare from $145.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, May 9th. DZ Bank lowered shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price objective for the company. in a research report on Tuesday, February 11th. The Goldman Sachs Group decreased 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. Bank of America upgraded shares of Cloudflare from an “underperform” rating to a “buy” rating and increased their target price for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Finally, Oppenheimer restated an “outperform” rating and set a $200.00 price target (up from $165.00) on shares of Cloudflare in a research report on Thursday. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus price target of $145.92.

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.