Forte Capital LLC ADV Sells 3,910 Shares of Cloudflare, Inc. (NYSE:NET)

Forte Capital LLC ADV decreased its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 3.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 127,925 shares of the company's stock after selling 3,910 shares during the quarter. Cloudflare makes up 1.7% of Forte Capital LLC ADV's portfolio, making the stock its 15th biggest holding. Forte Capital LLC ADV's holdings in Cloudflare were worth $14,416,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. CreativeOne Wealth LLC increased its position in Cloudflare by 0.8% in the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock worth $752,000 after buying an additional 58 shares in the last quarter. Spire Wealth Management increased its position in Cloudflare by 11.0% in the first quarter. Spire Wealth Management now owns 962 shares of the company's stock worth $108,000 after buying an additional 95 shares in the last quarter. Yousif Capital Management LLC increased its position in Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after buying an additional 98 shares in the last quarter. Baxter Bros Inc. grew its position in shares of Cloudflare by 3.8% during the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock worth $296,000 after purchasing an additional 100 shares in the last quarter. Finally, Ellevest Inc. grew its position in shares of Cloudflare by 2.3% during the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock worth $489,000 after purchasing an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Cloudflare Trading Up 2.9%

Shares of Cloudflare stock traded up $5.52 on Friday, reaching $196.77. The company had a trading volume of 4,214,067 shares, compared to its average volume of 3,178,682. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $198.01. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The firm has a market cap of $68.20 billion, a price-to-earnings ratio of -855.52 and a beta of 1.85. The firm's 50-day moving average price is $174.58 and its two-hundred day moving average price is $142.60.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. During the same period in the prior year, the business posted $0.16 earnings per share. Cloudflare's revenue was up 26.5% on a year-over-year basis. As a group, research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NET. Mizuho increased their target price on Cloudflare from $155.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday. Susquehanna cut their target price on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Oppenheimer reiterated an "outperform" rating and set a $200.00 target price (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Cowen reiterated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Finally, Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Three 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. Based on data from MarketBeat, Cloudflare presently has a consensus rating of "Moderate Buy" and a consensus price target of $152.32.

Insider Activity

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $184.58, for a total transaction of $9,669,038.72. Following the completion of the sale, the chief executive officer directly owned 381,213 shares of the company's stock, valued at $70,364,295.54. The trade was a 12.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of Cloudflare 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 sale, the insider directly owned 6,390 shares of the company's stock, valued at approximately $1,218,445.20. This trade represents a 80.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 581,062 shares of company stock worth $99,070,153 in the last three months. Corporate insiders own 10.89% of the company's stock.

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.