Fortis Capital Advisors LLC increased its stake in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 730.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,150 shares of the company’s stock after purchasing an additional 3,650 shares during the quarter. Fortis Capital Advisors LLC’s holdings in Cloudflare were worth $256,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans acquired a new stake in Cloudflare in the fourth quarter valued at approximately $725,000. Ellevest Inc. lifted its holdings in shares of Cloudflare by 14.3% during the 1st quarter. Ellevest Inc. now owns 2,685 shares of the company’s stock worth $166,000 after acquiring an additional 335 shares during the period. AIA Group Ltd bought a new position in Cloudflare during the first quarter worth about $357,000. Voya Investment Management LLC boosted its stake in Cloudflare by 2.2% in the 4th quarter. Voya Investment Management LLC now owns 2,426,706 shares of the company’s stock valued at $109,711,000 after buying an additional 51,684 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new stake in shares of Cloudflare in the 1st quarter valued at $919,000. 73.14% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
NET has been the topic of a number of research analyst reports. JMP Securities increased their price target on Cloudflare from $60.00 to $75.00 in a research report on Thursday, July 13th. The Goldman Sachs Group increased their target price on Cloudflare from $38.00 to $43.00 and gave the company a “sell” rating in a research note on Friday, August 4th. TD Cowen increased their target price on shares of Cloudflare from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. KeyCorp lifted their price objective on Cloudflare from $61.00 to $80.00 in a report on Tuesday, July 18th. Finally, Needham & Company LLC boosted their price objective on shares of Cloudflare from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and a consensus target price of $65.85.
Insider Activity at Cloudflare
In other news, Director Carl Ledbetter sold 30,145 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $64.76, for a total value of $1,952,190.20. Following the completion of the transaction, the director now directly owns 1,938,954 shares in the company, valued at approximately $125,566,661.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Carl Ledbetter sold 30,145 shares of Cloudflare stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $64.76, for a total value of $1,952,190.20. Following the transaction, the director now owns 1,938,954 shares in the company, valued at approximately $125,566,661.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $65.48, for a total value of $196,440.00. Following the transaction, the general counsel now directly owns 160,495 shares of the company’s stock, valued at approximately $10,509,212.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 642,063 shares of company stock worth $41,185,019. Company insiders own 14.80% of the company’s stock.
Cloudflare Stock Performance
Shares of NET traded down $0.60 during mid-day trading on Tuesday, reaching $64.86. The company’s stock had a trading volume of 701,932 shares, compared to its average volume of 4,914,401. The company has a current ratio of 3.84, a quick ratio of 3.84 and a debt-to-equity ratio of 2.00. The business has a 50-day simple moving average of $64.86 and a two-hundred day simple moving average of $61.21. Cloudflare, Inc. has a 1-year low of $37.37 and a 1-year high of $76.07. The stock has a market cap of $21.68 billion, a P/E ratio of -97.76 and a beta of 0.94.
Cloudflare (NYSE:NET – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). Cloudflare had a negative net margin of 19.61% and a negative return on equity of 21.42%. The firm had revenue of $308.49 million during the quarter, compared to the consensus estimate of $305.63 million. As a group, equities research analysts anticipate that Cloudflare, Inc. will post -0.34 earnings per share for the current fiscal year.
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, secure origin connection, and rate limiting products.
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