Cloudflare, Inc. (NYSE:NET) Position Raised by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S boosted its position in Cloudflare, Inc. (NYSE:NET) by 40.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 6,006 shares of the company’s stock after purchasing an additional 1,737 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Cloudflare were worth $500,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Cloudflare by 1.5% in the third quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company’s stock valued at $1,728,448,000 after buying an additional 395,363 shares during the period. Norges Bank bought a new position in shares of Cloudflare during the 4th quarter valued at about $221,858,000. Northern Trust Corp grew its stake in shares of Cloudflare by 3.1% in the 3rd quarter. Northern Trust Corp now owns 1,733,639 shares of the company’s stock worth $109,289,000 after purchasing an additional 51,345 shares during the last quarter. Deutsche Bank AG raised 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 worth $85,243,000 after purchasing an additional 65,596 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Cloudflare by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,030,682 shares of the company’s stock valued at $85,815,000 after purchasing an additional 47,175 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Price Performance

NYSE NET opened at $73.60 on Friday. The company has a 50 day moving average price of $86.99 and a two-hundred day moving average price of $84.94. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. The stock has a market capitalization of $25.01 billion, a PE ratio of -138.87 and a beta of 1.15. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. As a group, equities analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on NET shares. Morgan Stanley upped their price target on Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a report on Monday, February 12th. Royal Bank of Canada upped their target price on Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a report on Friday, February 9th. Wells Fargo & Company dropped their price target on Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Piper Sandler reiterated a “neutral” rating and issued a $81.00 target price (down from $110.00) on shares of Cloudflare in a report on Friday, May 3rd. Finally, UBS Group cut their price target on shares of Cloudflare from $88.00 to $76.00 and set a “sell” rating on the stock in a report on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $91.87.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $96.66, for a total value of $5,063,437.44. Following the completion of the sale, the chief executive officer now directly owns 12,183 shares in the company, valued at approximately $1,177,608.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $74.08, for a total value of $949,705.60. Following the sale, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at $15,660,067.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $96.66, for a total value of $5,063,437.44. Following the completion of the transaction, the chief executive officer now owns 12,183 shares in the company, valued at $1,177,608.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 737,710 shares of company stock valued at $64,674,930. Insiders own 12.83% of the company’s stock.

Cloudflare Company 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.