DnB Asset Management AS Grows Holdings in Cloudflare, Inc. (NYSE:NET)

DnB Asset Management AS lifted its holdings in Cloudflare, Inc. (NYSE:NETGet Rating) by 39.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,216 shares of the company’s stock after buying an additional 15,459 shares during the quarter. DnB Asset Management AS’s holdings in Cloudflare were worth $2,372,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NET. Capital World Investors grew its position in shares of Cloudflare by 322.4% in the 4th quarter. Capital World Investors now owns 11,347,863 shares of the company’s stock worth $1,492,244,000 after buying an additional 8,661,214 shares during the period. Sands Capital Management LLC grew its position in shares of Cloudflare by 53.6% in the 1st quarter. Sands Capital Management LLC now owns 13,550,528 shares of the company’s stock worth $1,621,998,000 after buying an additional 4,731,354 shares during the period. Allianz Asset Management GmbH grew its position in shares of Cloudflare by 574.2% in the 1st quarter. Allianz Asset Management GmbH now owns 2,894,091 shares of the company’s stock worth $346,422,000 after buying an additional 2,464,830 shares during the period. Norges Bank purchased a new stake in Cloudflare during the 4th quarter valued at about $320,895,000. Finally, First Trust Advisors LP grew its position in Cloudflare by 30.4% during the 1st quarter. First Trust Advisors LP now owns 6,448,150 shares of the company’s stock valued at $771,844,000 after purchasing an additional 1,503,125 shares during the last quarter. 71.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NET has been the topic of several recent analyst reports. Guggenheim initiated coverage on shares of Cloudflare in a research report on Friday, August 12th. They set a “neutral” rating and a $82.00 price objective on the stock. Cantor Fitzgerald initiated coverage on shares of Cloudflare in a research report on Thursday, September 8th. They set a “neutral” rating and a $65.00 price objective on the stock. Credit Suisse Group cut their price objective on shares of Cloudflare to $125.00 in a research report on Tuesday, August 9th. Evercore ISI cut their price objective on shares of Cloudflare from $110.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 28th. Finally, Mizuho increased their price objective on shares of Cloudflare from $76.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $112.50.

Insider Transactions at Cloudflare

In other news, CAO Paul D. Underwood sold 6,000 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $70.00, for a total value of $420,000.00. Following the transaction, the chief accounting officer now owns 30,030 shares in the company, valued at approximately $2,102,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Paul D. Underwood sold 6,000 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $70.00, for a total value of $420,000.00. Following the completion of the sale, the chief accounting officer now directly owns 30,030 shares of the company’s stock, valued at approximately $2,102,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $52.30, for a total transaction of $2,739,683.20. The disclosure for this sale can be found here. Insiders have sold 320,304 shares of company stock worth $20,817,806 in the last quarter. Company insiders own 15.99% of the company’s stock.

Cloudflare Trading Down 0.1 %

Shares of NYSE:NET opened at $61.13 on Wednesday. The firm’s 50 day moving average price is $61.18 and its 200-day moving average price is $71.84. Cloudflare, Inc. has a twelve month low of $38.96 and a twelve month high of $221.64. The company has a current ratio of 5.45, a quick ratio of 5.45 and a debt-to-equity ratio of 2.47.

Cloudflare (NYSE:NETGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.07). Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. The business had revenue of $234.52 million during the quarter, compared to the consensus estimate of $227.52 million. Research analysts predict that Cloudflare, Inc. will post -0.53 EPS for the current year.

Cloudflare Company Profile

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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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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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