Fortis Group Advisors LLC Raises Stake in Cloudflare, Inc. (NYSE:NET)

Fortis Group Advisors LLC boosted its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 40.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,681 shares of the company's stock after buying an additional 7,161 shares during the quarter. Fortis Group Advisors LLC's holdings in Cloudflare were worth $2,781,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in shares of Cloudflare by 86.8% during the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock worth $123,000 after buying an additional 508 shares during the period. LPL Financial LLC lifted its stake in shares of Cloudflare by 3.4% during the fourth quarter. LPL Financial LLC now owns 122,171 shares of the company's stock worth $13,155,000 after buying an additional 3,989 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Cloudflare by 9.6% during the first quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock worth $297,000 after buying an additional 230 shares during the period. Amalgamated Bank lifted its stake in shares of Cloudflare by 7.0% during the first quarter. Amalgamated Bank now owns 21,402 shares of the company's stock worth $2,412,000 after buying an additional 1,400 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Cloudflare by 47.0% during the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock worth $639,000 after buying an additional 1,896 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Up 2.9%

Cloudflare stock traded up $5.52 during mid-day trading on Friday, reaching $196.77. 4,214,067 shares of the company's stock were exchanged, compared to its average volume of 3,178,682. The company has a market cap of $68.20 billion, a P/E ratio of -855.52 and a beta of 1.85. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $198.01. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. The company has a fifty day moving average of $174.58 and a 200-day moving average of $142.60.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. Cloudflare's revenue for the quarter was up 26.5% compared to the same quarter last year. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Susquehanna decreased their target price on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Capital One Financial upgraded shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price for the company in a research report on Monday, May 12th. Mizuho upped their price objective on shares of Cloudflare from $155.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Cowen restated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $152.32.

Insiders Place Their Bets

In related news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $190.68, for a total value of $4,889,225.88. Following the transaction, the insider directly owned 6,390 shares of the company's stock, valued at $1,218,445.20. This trade represents a 80.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $196.09, for a total transaction of $1,764,810.00. Following the completion of the transaction, the insider directly owned 160,377 shares in the company, valued at $31,448,325.93. This trade represents a 5.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 581,062 shares of company stock worth $99,070,153. 10.89% of the stock is currently owned by insiders.

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.