DnB Asset Management AS Increases Holdings in Cloudflare, Inc. (NYSE:NET)

DnB Asset Management AS raised its stake in Cloudflare, Inc. (NYSE:NET) by 8.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,393 shares of the company’s stock after acquiring an additional 3,824 shares during the period. DnB Asset Management AS’s holdings in Cloudflare were worth $5,534,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hartline Investment Corp grew its position in Cloudflare by 1.5% during the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after purchasing an additional 3,957 shares during the last quarter. Birchcreek Wealth Management LLC purchased a new stake in shares of Cloudflare during the fourth quarter valued at approximately $215,000. Strategic Blueprint LLC bought a new stake in shares of Cloudflare during the fourth quarter valued at approximately $265,000. Clarendon Private LLC bought a new position in Cloudflare in the 4th quarter valued at approximately $293,000. Finally, Savant Capital LLC purchased a new stake in Cloudflare during the 4th quarter valued at $237,000. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cloudflare

In related news, insider Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $117.34, for a total transaction of $3,008,597.60. Following the completion of the transaction, the insider now directly owns 413,413 shares of the company’s stock, valued at approximately $48,509,881.42. This represents a 5.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 618,046 shares of company stock valued at $80,142,792 in the last three months. 12.83% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Robert W. Baird restated a “neutral” rating and issued a $140.00 price target (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Bank of America upgraded shares of Cloudflare from an “underperform” rating to a “buy” rating and upped their target price for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Mizuho reduced their price target on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Baird R W downgraded shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, UBS Group cut their target price on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average price target of $135.64.

Cloudflare Trading Down 3.1 %

Shares of Cloudflare stock opened at $114.89 on Monday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a fifty day moving average of $137.47 and a 200 day moving average of $111.56. The company has a market capitalization of $39.64 billion, a P/E ratio of -522.21 and a beta of 1.27. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37.

Cloudflare (NYSE:NET) last released 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 return on equity of 5.52% and a negative net margin of 4.72%. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.