Fortis Group Advisors LLC Increases Holdings in Cloudflare, Inc. (NYSE:NET)

Fortis Group Advisors LLC grew its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 11,203.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,520 shares of the company's stock after buying an additional 17,365 shares during the quarter. Fortis Group Advisors LLC's holdings in Cloudflare were worth $1,887,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Geode Capital Management LLC grew its position in Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company's stock worth $390,130,000 after acquiring an additional 121,810 shares during the last quarter. Charles Schwab Investment Management Inc. boosted 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 purchasing an additional 29,960 shares during the period. Swiss National Bank grew its holdings in shares of Cloudflare by 1.1% in the third quarter. Swiss National Bank now owns 893,600 shares of the company's stock worth $72,283,000 after purchasing an additional 10,100 shares during the last quarter. National Pension Service increased its stake in shares of Cloudflare by 0.9% in the third quarter. National Pension Service now owns 471,923 shares of the company's stock worth $38,174,000 after buying an additional 4,062 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc raised its holdings in Cloudflare by 16.8% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 395,303 shares of the company's stock valued at $42,602,000 after buying an additional 56,906 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Cloudflare Stock Down 2.9 %

Cloudflare stock traded down $4.55 during mid-day trading on Friday, hitting $151.83. The company had a trading volume of 3,652,849 shares, compared to its average volume of 3,999,010. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The company has a market capitalization of $52.11 billion, a PE ratio of -690.12 and a beta of 1.12. The stock's 50 day moving average price is $130.11 and its two-hundred day moving average price is $103.08. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (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%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NET shares. Oppenheimer lowered shares of Cloudflare from an "outperform" rating to a "market perform" rating in a report on Friday, February 7th. Cantor Fitzgerald increased their target price on shares of Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Jefferies Financial Group boosted their price target on Cloudflare from $100.00 to $125.00 and gave the company a "hold" rating in a report on Thursday, December 19th. DZ Bank lowered Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price objective on the stock. in a research report on Tuesday, February 11th. Finally, Piper Sandler boosted their target price on Cloudflare from $92.00 to $153.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of "Hold" and an average target price of $136.28.

Insider Activity

In other news, CAO Janel Riley sold 4,327 shares of the business's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $109.90, for a total value of $1,648,500.00. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at $27,790,303.10. This trade represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 533,297 shares of company stock worth $62,604,696 over the last 90 days. 12.83% of the stock is currently owned by insiders.

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.