Norges Bank Takes $249.54 Million Position in Cloudflare, Inc. (NYSE:NET)

Norges Bank bought a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,317,462 shares of the company's stock, valued at approximately $249,544,000. Norges Bank owned approximately 0.68% of Cloudflare at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Hartline Investment Corp boosted its position in Cloudflare by 1.5% during the fourth 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 shares of Cloudflare during the fourth quarter valued at about $215,000. Strategic Blueprint LLC bought a new stake in shares of Cloudflare in the 4th quarter valued at about $265,000. Clarendon Private LLC purchased a new position in shares of Cloudflare in the 4th quarter worth approximately $293,000. Finally, Savant Capital LLC bought a new position in shares of Cloudflare during the 4th quarter worth approximately $237,000. Institutional investors own 82.68% of the company's stock.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the company's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company's stock, valued at approximately $28,779,020.89. This trade represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 627,046 shares of company stock worth $81,158,262 in the last 90 days. Corporate insiders own 12.83% of the company's stock.

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Cloudflare Stock Performance

Shares of NYSE NET traded down $13.80 during midday trading on Thursday, reaching $105.75. 1,396,159 shares of the stock were exchanged, compared to its average volume of 3,091,310. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a 50-day simple moving average of $137.24 and a two-hundred day simple moving average of $112.34. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The firm has a market cap of $36.49 billion, a price-to-earnings ratio of -480.68 and a beta of 1.27.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Cantor Fitzgerald lifted their price target on shares of Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Oppenheimer initiated coverage on Cloudflare in a research report on Thursday, March 20th. They set an "outperform" rating and a $150.00 target price on the stock. DZ Bank lowered Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target on the stock. in a research note on Tuesday, February 11th. Royal Bank of Canada cut their price objective on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Finally, Baird R W cut shares of Cloudflare from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Cloudflare has a consensus rating of "Hold" and an average target price of $135.64.

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.