Norges Bank Buys New Position in Cloudflare, Inc. (NYSE:NET)

Norges Bank purchased a new stake in Cloudflare, Inc. (NYSE:NET) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,317,462 shares of the company’s stock, valued at approximately $249,544,000.

Other hedge funds have also added to or reduced their stakes in the company. Hartline Investment Corp boosted its stake in shares of 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 in the last quarter. Birchcreek Wealth Management LLC purchased a new stake in Cloudflare in the fourth quarter worth about $215,000. Strategic Blueprint LLC bought a new stake in Cloudflare during the 4th quarter valued at approximately $265,000. Clarendon Private LLC purchased a new position in shares of Cloudflare during the 4th quarter worth approximately $293,000. Finally, Savant Capital LLC bought a new position in shares of Cloudflare in the 4th quarter worth approximately $237,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction dated 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 directly owns 74,698 shares in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 618,046 shares of company stock worth $80,142,792 in the last quarter. Company insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

NET has been the topic of several recent research reports. Royal Bank of Canada reduced their price target on Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. UBS Group decreased their price target on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Robert W. Baird reissued a “neutral” rating and set a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Oppenheimer initiated coverage on shares of Cloudflare in a research note on Thursday, March 20th. They set an “outperform” rating and a $150.00 target price for the company. Finally, DZ Bank cut Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price target on the stock. in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and an average target price of $135.64.

Cloudflare Price Performance

Shares of NET opened at $114.89 on Friday. The firm has a fifty day simple moving average of $137.47 and a two-hundred day simple moving average of $111.56. The firm has a market cap of $39.64 billion, a PE ratio of -522.21 and a beta of 1.27. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current 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.