Cloudflare, Inc. (NYSE:NET) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its stake in Cloudflare, Inc. by 3.2%, now holding 61,300 shares worth approximately $6.91 million after selling 2,000 shares in the first quarter.
• Several institutional investors significantly increased their stakes in Cloudflare, indicating strong investor interest, with 82.68% of the stock currently owned by institutional investors.
• Cloudflare's recent earnings report showed a revenue increase of 27.8% year-over-year, with the company posting $512.32 million compared to expectations of $501.58 million.

Forsta AP Fonden trimmed its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 3.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,300 shares of the company's stock after selling 2,000 shares during the period. Forsta AP Fonden's holdings in Cloudflare were worth $6,908,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of NET. CreativeOne Wealth LLC grew its position in Cloudflare by 0.8% in the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after acquiring an additional 58 shares during the period. Gill Capital Partners LLC raised its holdings in shares of Cloudflare by 2.9% during the first quarter. Gill Capital Partners LLC now owns 2,761 shares of the company's stock worth $311,000 after acquiring an additional 79 shares during the period. Spire Wealth Management raised its holdings in shares of Cloudflare by 11.0% during the first quarter. Spire Wealth Management now owns 962 shares of the company's stock worth $108,000 after acquiring an additional 95 shares during the period. Yousif Capital Management LLC increased its stake in Cloudflare by 2.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after buying an additional 98 shares during the last quarter. Finally, Ellevest Inc. increased its stake in Cloudflare by 2.3% in the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after buying an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Buying and Selling

In related news, insider Michelle Zatlyn sold 35,098 shares of Cloudflare stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total value of $5,504,419.34. Following the transaction, the insider directly owned 6,390 shares in the company, valued at $1,002,143.70. This trade represents a 84.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 34,270 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $200.17, for a total value of $6,859,825.90. Following the transaction, the chief financial officer directly owned 241,550 shares in the company, valued at $48,351,063.50. This represents a 12.42% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 638,678 shares of company stock valued at $114,296,189. 10.89% of the stock is currently owned by company insiders.

Cloudflare Price Performance

Shares of NYSE:NET traded up $0.92 during midday trading on Tuesday, hitting $202.09. The company's stock had a trading volume of 2,247,563 shares, compared to its average volume of 3,359,190. The company has a market cap of $70.42 billion, a P/E ratio of -594.38 and a beta of 1.84. The business's 50 day simple moving average is $190.37 and its 200 day simple moving average is $153.51. Cloudflare, Inc. has a 12-month low of $74.88 and a 12-month high of $219.00. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The company had revenue of $512.32 million during the quarter, compared to analysts' expectations of $501.58 million. During the same quarter last year, the firm earned $0.20 earnings per share. The firm's quarterly revenue was up 27.8% compared to the same quarter last year. On average, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NET. Capital One Financial upgraded shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Mizuho boosted their price target on Cloudflare from $220.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Cowen reissued a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Scotiabank lifted their price target on shares of Cloudflare from $135.00 to $200.00 and gave the company a "sector perform" rating in a research report on Friday, August 1st. Finally, Susquehanna dropped their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a report on Monday, May 12th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $186.88.

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.