FORA Capital LLC Trims Holdings in Cloudflare, Inc. $NET

Key Points

• FORA Capital LLC trimmed its Cloudflare stake by 60.1% in Q3, ending the period with 12,382 shares valued at about $2.66 million.
• Insiders sold heavily—Michelle Zatlyn sold 35,080 shares and CFO Thomas Seifert sold 41,557 shares, with insiders offloading 526,210 shares (~$97.3 million) last quarter while retaining 10.89% ownership.
• Analysts hold a consensus Moderate Buy on Cloudflare with an average price target of $233.38, and the company recently beat quarterly estimates with $614.5 million in revenue and $0.28 EPS.

FORA Capital LLC lowered its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 60.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,382 shares of the company's stock after selling 18,643 shares during the period. FORA Capital LLC's holdings in Cloudflare were worth $2,657,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Physician Wealth Advisors Inc. boosted its position in shares of Cloudflare by 693.3% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company's stock valued at $26,000 after acquiring an additional 104 shares during the last quarter. Westside Investment Management Inc. increased its position in Cloudflare by 100.0% during the third quarter. Westside Investment Management Inc. now owns 130 shares of the company's stock worth $28,000 after purchasing an additional 65 shares during the last quarter. ORG Wealth Partners LLC raised its stake in Cloudflare by 101.4% during the third quarter. ORG Wealth Partners LLC now owns 139 shares of the company's stock worth $30,000 after purchasing an additional 70 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new position in Cloudflare in the 2nd quarter valued at about $29,000. Finally, Harbor Investment Advisory LLC acquired a new position in Cloudflare in the 3rd quarter valued at about $32,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NET. Mizuho cut their price target on shares of Cloudflare from $280.00 to $255.00 and set an "outperform" rating for the company in a report on Wednesday, January 21st. BTIG Research upped their price objective on Cloudflare from $199.00 to $243.00 and gave the company a "buy" rating in a report on Wednesday, February 11th. Wells Fargo & Company increased their price objective on Cloudflare from $265.00 to $270.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 11th. Royal Bank Of Canada lifted their target price on Cloudflare from $230.00 to $240.00 and gave the company an "outperform" rating in a research report on Wednesday, February 11th. Finally, DZ Bank raised Cloudflare from a "hold" rating to a "buy" rating and set a $215.00 price target on the stock in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $233.38.

Insider Activity at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 35,080 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total value of $6,573,641.20. Following the completion of the transaction, the insider owned 34,514 shares of the company's stock, valued at $6,467,578.46. This trade represents a 50.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 41,557 shares of the business's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the completion of the transaction, the chief financial officer owned 85,452 shares of the company's stock, valued at approximately $15,812,038.08. This trade represents a 32.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 526,210 shares of company stock worth $97,324,213. Corporate insiders own 10.89% of the company's stock.

Cloudflare Stock Up 0.2%

Cloudflare stock opened at $212.46 on Friday. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. The firm has a 50 day moving average price of $185.42 and a 200 day moving average price of $202.99. The company has a market capitalization of $74.42 billion, a PE ratio of -732.59 and a beta of 1.98.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The company had revenue of $614.51 million for the quarter, compared to analysts' expectations of $591.67 million. During the same period in the prior year, the firm earned $0.19 earnings per share. The firm's revenue was up 33.6% compared to the same quarter last year. Research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.