Handelsbanken Fonder AB Buys 28,548 Shares of Cloudflare, Inc. (NYSE:NET)

Handelsbanken Fonder AB boosted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 30.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,940 shares of the company’s stock after acquiring an additional 28,548 shares during the period. Handelsbanken Fonder AB’s holdings in Cloudflare were worth $10,236,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Deutsche Bank AG boosted its holdings in shares of Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cloudflare in the 3rd quarter valued at $569,000. International Assets Investment Management LLC acquired a new stake in shares of Cloudflare in the 4th quarter valued at $11,639,000. Blueshift Asset Management LLC boosted its holdings in shares of Cloudflare by 100.2% in the 3rd quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after purchasing an additional 12,974 shares in the last quarter. Finally, LA Financiere DE L Echiquier boosted its holdings in shares of Cloudflare by 4.5% in the 4th quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock valued at $33,937,000 after purchasing an additional 17,600 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 18,955 shares of Cloudflare stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $87.07, for a total transaction of $1,650,411.85. Following the completion of the transaction, the chief operating officer now owns 19,615 shares in the company, valued at approximately $1,707,878.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cloudflare news, COO Michelle Zatlyn sold 18,955 shares of Cloudflare stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $87.07, for a total transaction of $1,650,411.85. Following the completion of the transaction, the chief operating officer now owns 19,615 shares in the company, valued at approximately $1,707,878.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $87.02, for a total value of $1,305,300.00. Following the transaction, the chief financial officer now owns 338,469 shares of the company’s stock, valued at approximately $29,453,572.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,036,341 shares of company stock worth $101,013,542. Insiders own 14.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Mizuho reduced their target price on Cloudflare from $105.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, April 15th. Cantor Fitzgerald reissued a “neutral” rating and set a $100.00 price objective on shares of Cloudflare in a report on Wednesday, April 17th. JMP Securities raised their price objective on Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, January 31st. KeyCorp raised their price objective on Cloudflare from $94.00 to $132.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Finally, DZ Bank downgraded Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price objective on the stock. in a report on Tuesday, February 13th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and an average target price of $87.08.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $87.68 on Thursday. Cloudflare, Inc. has a one year low of $39.90 and a one year high of $116.00. The business has a 50-day simple moving average of $95.72 and a 200 day simple moving average of $82.47. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. The business had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. As a group, analysts anticipate that Cloudflare, Inc. will post -0.2 earnings per share 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.