DnB Asset Management AS Buys 3,824 Shares of Cloudflare, Inc. (NYSE:NET)

DnB Asset Management AS lifted its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 8.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 51,393 shares of the company's stock after purchasing an additional 3,824 shares during the quarter. DnB Asset Management AS's holdings in Cloudflare were worth $5,534,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Stratos Wealth Partners LTD. grew its stake in Cloudflare by 1.2% during the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after buying an additional 77 shares in the last quarter. Atomi Financial Group Inc. increased its stake in Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock valued at $319,000 after acquiring an additional 94 shares during the last quarter. Baxter Bros Inc. raised its position in Cloudflare by 3.8% during the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after purchasing an additional 100 shares in the last quarter. Chicago Partners Investment Group LLC lifted its stake in Cloudflare by 4.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company's stock worth $293,000 after purchasing an additional 105 shares during the last quarter. Finally, D.A. Davidson & CO. increased its stake in shares of Cloudflare by 0.5% in the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company's stock valued at $2,269,000 after purchasing an additional 106 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

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Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares in the company, valued at $1,223,962.26. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $113.81, for a total value of $1,707,150.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $28,779,020.89. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 627,046 shares of company stock valued at $81,158,262. 12.83% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on NET. UBS Group dropped their price objective on Cloudflare from $165.00 to $135.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Robert W. Baird restated a "neutral" rating and issued a $140.00 price target (up from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. JPMorgan Chase & Co. upped their price objective on shares of Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. JMP Securities raised their target price on shares of Cloudflare from $135.00 to $180.00 and gave the company a "market outperform" rating in a research report on Friday, February 7th. Finally, Stifel Nicolaus upped their price target on shares of Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of "Hold" and a consensus price target of $135.64.

Cloudflare Stock Up 3.6 %

NYSE NET traded up $4.19 on Wednesday, reaching $119.85. The company had a trading volume of 4,203,970 shares, compared to its average volume of 3,095,729. 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 company's fifty day moving average is $137.39 and its 200 day moving average is $112.03. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The stock has a market capitalization of $41.36 billion, a P/E ratio of -544.77 and a beta of 1.27.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Cloudflare Company 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.