Forte Capital LLC ADV Sells 2,128 Shares of Cloudflare, Inc. (NYSE:NET)

Forte Capital LLC ADV lowered its position in Cloudflare, Inc. (NYSE:NET) by 1.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,835 shares of the company’s stock after selling 2,128 shares during the period. Cloudflare makes up approximately 1.6% of Forte Capital LLC ADV’s investment portfolio, making the stock its 15th biggest holding. Forte Capital LLC ADV’s holdings in Cloudflare were worth $14,196,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after purchasing an additional 121,810 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after acquiring an additional 29,960 shares in the last quarter. Swiss National Bank raised its stake in shares of Cloudflare by 1.1% during the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after acquiring an additional 10,100 shares in the last quarter. Peregrine Capital Management LLC raised its stake in shares of Cloudflare by 0.4% during the fourth quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock valued at $71,250,000 after acquiring an additional 2,483 shares in the last quarter. Finally, National Pension Service raised its stake in shares of Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after acquiring an additional 4,062 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Oppenheimer downgraded shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research note on Friday, February 7th. The Goldman Sachs Group lifted their price target on shares of Cloudflare from $140.00 to $183.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $185.00 price target on shares of Cloudflare in a research note on Tuesday. Robert W. Baird reissued a “neutral” rating and set a $140.00 price objective (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and a consensus target price of $136.28.

Insider Transactions at Cloudflare

In other news, COO Michelle Zatlyn sold 35,118 shares of Cloudflare stock in a transaction on Monday, November 25th. The shares were sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the sale, the chief operating officer now directly owns 172,959 shares in the company, valued at approximately $18,212,582.70. The trade was a 16.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $113.00, for a total transaction of $5,919,392.00. Following the sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at $1,216,106. The trade was a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 533,297 shares of company stock worth $62,604,696. Company insiders own 12.83% of the company’s stock.

Cloudflare Price Performance

NYSE NET opened at $156.52 on Friday. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The firm’s fifty day simple moving average is $129.34 and its two-hundred day simple moving average is $102.57. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $53.72 billion, a P/E ratio of -711.47 and a beta of 1.12.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.