DNB Asset Management AS trimmed its stake in Cloudflare, Inc. (NYSE:NET – Get Rating) by 5.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,757 shares of the company’s stock after selling 2,255 shares during the period. DNB Asset Management AS’s holdings in Cloudflare were worth $4,639,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. International Assets Investment Management LLC grew its stake in shares of Cloudflare by 3.6% in the fourth quarter. International Assets Investment Management LLC now owns 2,987 shares of the company’s stock worth $393,000 after acquiring an additional 104 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Cloudflare by 2.4% in the fourth quarter. Cetera Investment Advisers now owns 6,184 shares of the company’s stock worth $813,000 after buying an additional 145 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Cloudflare by 1.9% in the fourth quarter. Signaturefd LLC now owns 10,481 shares of the company’s stock worth $1,378,000 after buying an additional 195 shares in the last quarter. Credit Agricole S A increased its position in Cloudflare by 53.3% in the fourth quarter. Credit Agricole S A now owns 575 shares of the company’s stock worth $76,000 after purchasing an additional 200 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Cloudflare by 0.3% during the 4th quarter. Arizona State Retirement System now owns 64,935 shares of the company’s stock worth $8,539,000 after purchasing an additional 210 shares during the period. 69.96% of the stock is owned by institutional investors.
NET has been the subject of several recent research reports. Mizuho reduced their price target on Cloudflare from $135.00 to $90.00 in a research report on Friday, May 6th. Truist Financial cut their price objective on Cloudflare from $180.00 to $140.00 in a research report on Friday, May 6th. Stifel Nicolaus dropped their target price on shares of Cloudflare from $126.00 to $120.00 and set a “hold” rating for the company in a report on Monday, March 21st. Needham & Company LLC decreased their target price on shares of Cloudflare from $245.00 to $100.00 and set a “na” rating on the stock in a research report on Monday, May 16th. Finally, Jefferies Financial Group reduced their price target on shares of Cloudflare from $75.00 to $55.00 in a research report on Monday, May 23rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus price target of $130.36.
Shares of NET stock opened at $44.34 on Thursday. Cloudflare, Inc. has a fifty-two week low of $38.96 and a fifty-two week high of $221.64. The stock has a market cap of $14.47 billion, a P/E ratio of -53.42 and a beta of 1.06. The business has a fifty day simple moving average of $66.94 and a 200-day simple moving average of $96.95. The company has a quick ratio of 6.85, a current ratio of 6.85 and a debt-to-equity ratio of 2.78.
Cloudflare (NYSE:NET – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Cloudflare had a negative net margin of 35.83% and a negative return on equity of 17.74%. The firm had revenue of $212.20 million during the quarter, compared to analysts’ expectations of $205.66 million. During the same quarter in the prior year, the business earned ($0.11) EPS. The company’s quarterly revenue was up 53.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.41 earnings per share for the current year.
Cloudflare Company Profile (Get Rating)
CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.
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