KLP Kapitalforvaltning AS Invests $11.83 Million in Cloudflare, Inc. (NYSE:NET)

KLP Kapitalforvaltning AS purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 109,900 shares of the company’s stock, valued at approximately $11,834,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of NET. Empowered Funds LLC increased its position in Cloudflare by 7.7% during the 3rd quarter. Empowered Funds LLC now owns 4,378 shares of the company’s stock valued at $354,000 after buying an additional 313 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Cloudflare in the 3rd quarter worth about $54,000. Pathstone Holdings LLC boosted its stake in Cloudflare by 5.2% in the 3rd quarter. Pathstone Holdings LLC now owns 24,101 shares of the company’s stock worth $1,950,000 after purchasing an additional 1,200 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Cloudflare during the third quarter valued at approximately $591,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after purchasing an additional 29,960 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NET. DZ Bank lowered shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price for the company. in a research note on Tuesday, February 11th. Wells Fargo & Company boosted their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. Susquehanna increased their price target on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Piper Sandler cut their price objective on shares of Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Finally, Robert W. Baird restated a “neutral” rating and issued a $140.00 price target (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $131.64.

Cloudflare Stock Up 4.2 %

NET stock opened at $124.22 on Tuesday. The company has a market capitalization of $42.86 billion, a P/E ratio of -564.61 and a beta of 1.27. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The firm’s fifty day simple moving average is $137.01 and its 200-day simple moving average is $110.56. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last posted its quarterly 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%. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $28,779,020.89. The trade was a 5.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Janel Riley sold 4,327 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares of the company’s stock, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 566,766 shares of company stock worth $73,779,200. 12.83% of the stock is owned by corporate insiders.

Cloudflare 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.