Forte Capital LLC ADV Cuts Holdings in Cloudflare, Inc. (NYSE:NET)

Forte Capital LLC ADV cut its holdings in Cloudflare, Inc. (NYSE:NET) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,500 shares of the company’s stock after selling 1,145 shares during the quarter. Cloudflare accounts for 1.5% of Forte Capital LLC ADV’s portfolio, making the stock its 20th biggest holding. Forte Capital LLC ADV’s holdings in Cloudflare were worth $11,198,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Commonwealth Equity Services LLC increased its holdings in Cloudflare by 9.0% in the third quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock valued at $3,588,000 after buying an additional 4,685 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Cloudflare by 4.3% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 66,128 shares of the company’s stock valued at $4,169,000 after buying an additional 2,700 shares in the last quarter. Xponance Inc. increased its holdings in Cloudflare by 0.6% in the third quarter. Xponance Inc. now owns 40,684 shares of the company’s stock valued at $2,565,000 after buying an additional 224 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Cloudflare by 27.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after buying an additional 3,337 shares in the last quarter. Finally, Stratos Wealth Partners LTD. purchased a new position in Cloudflare in the third quarter valued at about $372,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Trading Down 16.4 %

NET stock traded down $14.57 during midday trading on Friday, reaching $74.40. 18,650,549 shares of the company’s stock traded hands, compared to its average volume of 2,884,762. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. Cloudflare, Inc. has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The business has a 50-day moving average price of $93.67 and a two-hundred day moving average price of $83.60. The company has a market capitalization of $25.12 billion, a P/E ratio of -140.38 and a beta of 1.15.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. The firm had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Equities research analysts forecast that Cloudflare, Inc. will post -0.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Susquehanna increased their target price on shares of Cloudflare from $75.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, February 9th. JPMorgan Chase & Co. cut their price objective on Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday. Capital One Financial assumed coverage on Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 target price on the stock. Sanford C. Bernstein began coverage on Cloudflare in a research report on Thursday, January 18th. They set a “market perform” rating and a $85.00 price target for the company. Finally, Bank of America upped their price objective on Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a research report on Friday. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $90.17.

Insider Activity

In other news, CFO Thomas J. Seifert sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the completion of the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas J. Seifert sold 50,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is currently owned by insiders.

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.