Swedbank AB Acquires 10,656 Shares of Cloudflare, Inc. (NYSE:NET)

Swedbank AB raised its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 128.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,941 shares of the company's stock after purchasing an additional 10,656 shares during the period. Swedbank AB's holdings in Cloudflare were worth $1,532,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. CVA Family Office LLC boosted its position in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company's stock valued at $25,000 after buying an additional 171 shares during the last quarter. Quarry LP lifted its position in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company's stock valued at $29,000 after purchasing an additional 146 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare in the second quarter worth approximately $29,000. Versant Capital Management Inc grew its position in Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company's stock worth $38,000 after purchasing an additional 421 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in Cloudflare during the 3rd quarter valued at $38,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Price Performance

Cloudflare stock traded down $2.86 during midday trading on Thursday, reaching $99.37. 2,340,028 shares of the stock traded hands, compared to its average volume of 3,178,518. The stock has a market cap of $34.10 billion, a P/E ratio of -382.23 and a beta of 1.10. The stock's fifty day moving average is $89.57 and its 200-day moving average is $82.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $116.00.

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

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $78.06, for a total value of $4,089,095.04. Following the completion of the transaction, the chief executive officer now owns 10,761 shares of the company's stock, valued at approximately $840,003.66. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $100.44, for a total transaction of $2,575,281.60. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares of the company's stock, valued at approximately $17,372,001.96. The trade was a 12.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 606,952 shares of company stock valued at $53,078,202 in the last three months. Corporate insiders own 12.83% of the company's stock.

Analyst Upgrades and Downgrades

NET has been the topic of several recent research reports. Scotiabank increased their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the stock a "sector perform" rating in a research note on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of Cloudflare from $105.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Susquehanna upped their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, August 5th. UBS Group raised their target price on Cloudflare from $88.00 to $95.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Finally, Needham & Company LLC restated a "buy" rating and issued a $135.00 price target on shares of Cloudflare in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of "Hold" and a consensus target price of $92.88.

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.