Swedbank AB Boosts Stake in Cloudflare, Inc. (NYSE:NET)

Swedbank AB raised its position in Cloudflare, Inc. (NYSE:NET) by 128.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,941 shares of the company’s stock after purchasing an additional 10,656 shares during the quarter. Swedbank AB’s holdings in Cloudflare were worth $1,532,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its stake in shares of Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd bought a new stake in shares of Cloudflare during the third quarter valued at approximately $25,588,000. American Century Companies Inc. raised its stake in shares of Cloudflare by 24.8% during the second quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after acquiring an additional 277,228 shares in the last quarter. Finally, Glynn Capital Management LLC bought a new stake in shares of Cloudflare during the second quarter valued at approximately $16,765,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on NET shares. Robert W. Baird lifted 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. Wells Fargo & Company lifted their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. UBS Group lifted their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Susquehanna lifted their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $92.88.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 28,635 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $24,030,141.07. The trade was a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Michelle Zatlyn sold 35,118 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $18,212,582.70. This trade represents a 16.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 606,952 shares of company stock worth $53,078,202 over the last three months. Company insiders own 12.83% of the company’s stock.

Cloudflare Trading Down 2.8 %

NYSE:NET opened at $99.38 on Thursday. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $116.00. The firm has a fifty day simple moving average of $89.15 and a 200-day simple moving average of $81.98. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $34.11 billion, a P/E ratio of -382.23 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, equities research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current 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.