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

DNB Asset Management AS increased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 6.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,569 shares of the company’s stock after purchasing an additional 3,079 shares during the period. DNB Asset Management AS’s holdings in Cloudflare were worth $3,940,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Raymond James & Associates increased its holdings in Cloudflare by 300.8% during the fourth quarter. Raymond James & Associates now owns 55,857 shares of the company’s stock valued at $4,651,000 after buying an additional 41,920 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Cloudflare by 18.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 18,602 shares of the company’s stock worth $1,549,000 after purchasing an additional 2,893 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Cloudflare in the fourth quarter worth approximately $216,000. Ballentine Partners LLC bought a new position in shares of Cloudflare during the fourth quarter worth $210,000. Finally, Arizona State Retirement System boosted its position in shares of Cloudflare by 25.1% during the fourth quarter. Arizona State Retirement System now owns 93,872 shares of the company’s stock worth $7,816,000 after acquiring an additional 18,835 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 28,634 shares of Cloudflare stock in a transaction on Monday, May 20th. The shares were sold at an average price of $75.13, for a total value of $2,151,272.42. Following the sale, the chief financial officer now owns 309,937 shares of the company’s stock, valued at approximately $23,285,566.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $78.71, for a total value of $1,180,650.00. Following the completion of the sale, the chief financial officer now owns 309,937 shares of the company’s stock, valued at $24,395,141.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 28,634 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $75.13, for a total transaction of $2,151,272.42. Following the completion of the transaction, the chief financial officer now directly owns 309,937 shares in the company, valued at approximately $23,285,566.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 571,297 shares of company stock valued at $44,853,289. 12.83% of the stock is owned by company insiders.

Cloudflare Stock Up 3.3 %

NYSE:NET opened at $78.75 on Wednesday. The company’s 50-day simple moving average is $77.94 and its 200-day simple moving average is $85.24. The stock has a market capitalization of $26.76 billion, a P/E ratio of -143.77 and a beta of 1.10. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. The business’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.12) EPS. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on NET. Cantor Fitzgerald upped their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Robert W. Baird upped their price target on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on shares of Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Oppenheimer reduced their target price on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $135.00 target price on shares of Cloudflare in a research note on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $92.29.

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.