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

Swedbank AB lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 128.6% in the third quarter, Holdings Channel reports. The firm owned 18,941 shares of the company’s stock after buying 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 reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Hartline Investment Corp increased its stake in shares of Cloudflare by 7.6% during the third quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock worth $21,062,000 after purchasing an additional 18,426 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in Cloudflare during the 3rd quarter valued at about $25,588,000. National Pension Service grew its stake in Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after acquiring an additional 4,062 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Cloudflare during the 2nd quarter valued at about $7,319,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after acquiring an additional 29,960 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Cloudflare stock opened at $99.38 on Thursday. The firm has a market cap of $34.11 billion, a PE ratio of -382.23 and a beta of 1.10. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $116.00. 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 50 day moving average is $89.15 and its two-hundred day moving average is $81.98.

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

Wall Street Analysts Forecast Growth

NET has been the subject of several research reports. Mizuho upped their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Cantor Fitzgerald upped their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Robert W. Baird increased 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. Finally, Scotiabank increased their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Cloudflare presently has a consensus rating of “Hold” and a consensus price target of $92.88.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $100.44, for a total value of $2,575,281.60. Following the sale, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $17,372,001.96. This represents a 12.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 28,635 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $24,030,141.07. This represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 606,952 shares of company stock worth $53,078,202 in the last ninety days. 12.83% of the stock is owned by corporate insiders.

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.