BI Asset Management Fondsmaeglerselskab A S Has $992,000 Stock Position in Cloudflare, Inc. (NYSE:NET)

BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 70.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,241 shares of the company’s stock after purchasing an additional 4,235 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Cloudflare were worth $992,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Cloudflare during the 4th quarter valued at $221,858,000. 1832 Asset Management L.P. boosted its stake in Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cloudflare by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after purchasing an additional 740,914 shares in the last quarter. Capital World Investors raised its stake in shares of Cloudflare by 1.8% in the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after purchasing an additional 487,308 shares during the last quarter. Finally, SpiderRock Advisors LLC bought a new position in shares of Cloudflare in the first quarter valued at approximately $37,740,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cloudflare

In related news, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the completion of the transaction, the chief operating officer now directly owns 211,394 shares in the company, valued at $18,027,680.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Katrin Suder sold 574 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total value of $38,521.14. Following the transaction, the director now owns 51,162 shares of the company’s stock, valued at approximately $3,433,481.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the sale, the chief operating officer now owns 211,394 shares in the company, valued at approximately $18,027,680.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 724,487 shares of company stock valued at $57,429,128. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

Shares of NYSE:NET traded down $2.42 during midday trading on Wednesday, reaching $80.16. 970,326 shares of the company traded hands, compared to its average volume of 3,660,052. The firm’s fifty day moving average price is $76.50 and its two-hundred day moving average price is $85.45. The firm has a market capitalization of $27.24 billion, a price-to-earnings ratio of -155.79 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $378.60 million during the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, equities analysts expect that Cloudflare, Inc. will post -0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a report on Tuesday, May 7th. JMP Securities restated a “market outperform” rating and set a $120.00 price target on shares of Cloudflare in a report on Tuesday, May 14th. JPMorgan Chase & Co. dropped their target price on shares of Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Oppenheimer dropped their price target on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, Scotiabank started coverage on Cloudflare in a research note on Monday. They issued a “sector perform” rating and a $85.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $90.71.

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.