DnB Asset Management AS Raises Position in Cloudflare, Inc. (NYSE:NET)

DnB Asset Management AS lifted its stake in Cloudflare, Inc. (NYSE:NET) by 8.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 51,393 shares of the company’s stock after buying an additional 3,824 shares during the period. DnB Asset Management AS’s holdings in Cloudflare were worth $5,534,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Quest Partners LLC bought a new position in Cloudflare during the third quarter valued at $54,000. Cerity Partners LLC grew its holdings in Cloudflare by 306.4% during the 3rd quarter. Cerity Partners LLC now owns 18,416 shares of the company’s stock valued at $1,490,000 after purchasing an additional 13,885 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Cloudflare by 5.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 14,308 shares of the company’s stock worth $1,157,000 after purchasing an additional 734 shares during the period. CreativeOne Wealth LLC lifted its stake in Cloudflare by 13.3% in the third quarter. CreativeOne Wealth LLC now owns 6,924 shares of the company’s stock worth $560,000 after purchasing an additional 811 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its position in shares of Cloudflare by 66.7% during the third quarter. Northwest & Ethical Investments L.P. now owns 2,000 shares of the company’s stock valued at $162,000 after buying an additional 800 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of NET stock opened at $114.89 on Monday. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The business’s fifty day simple moving average is $137.47 and its 200-day simple moving average is $111.56. 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 company has a market cap of $39.64 billion, a PE ratio of -522.21 and a beta of 1.27.

Cloudflare (NYSE:NET) last announced its 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 net margin of 4.72% and a negative return on equity of 5.52%. Analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In related news, CAO Janel Riley sold 4,327 shares of the firm’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. This trade represents a 5.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total value of $1,707,150.00. Following the sale, the chief financial officer now owns 252,869 shares in the company, valued at approximately $28,779,020.89. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 618,046 shares of company stock valued at $80,142,792 in the last three months. 12.83% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NET shares. Cantor Fitzgerald increased their price target on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Guggenheim lifted their target price on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research report on Friday, February 7th. Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. Finally, Royal Bank of Canada dropped their target price on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $135.64.

Cloudflare Profile

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.