Forsta AP Fonden Has $5.21 Million Position in Cloudflare, Inc. (NYSE:NET)

Forsta AP Fonden grew its stake in Cloudflare, Inc. (NYSE:NET) by 11.4% during the third quarter, HoldingsChannel reports. The firm owned 64,400 shares of the company’s stock after buying an additional 6,600 shares during the quarter. Forsta AP Fonden’s holdings in Cloudflare were worth $5,209,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Baillie Gifford & Co. raised its holdings in Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after buying an additional 2,575,396 shares during the last quarter. Marshall Wace LLP raised its holdings in Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after buying an additional 855,334 shares during the last quarter. Capital World Investors raised its holdings in Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after buying an additional 584,566 shares during the last quarter. Vanguard Group Inc. raised its holdings in Cloudflare by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after buying an additional 412,864 shares during the last quarter. Finally, Natixis bought a new position in Cloudflare during the 1st quarter worth approximately $28,334,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $77.17, for a total value of $231,510.00. Following the sale, the insider now directly owns 195,303 shares in the company, valued at approximately $15,071,532.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the sale, the chief financial officer now directly owns 281,403 shares in the company, valued at $25,573,904.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $77.17, for a total value of $231,510.00. Following the sale, the insider now owns 195,303 shares in the company, valued at approximately $15,071,532.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 522,552 shares of company stock worth $42,994,705. Company insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on NET. Scotiabank began coverage on shares of Cloudflare in a report on Monday, July 8th. They set a “sector perform” rating and a $85.00 price target for the company. Wolfe Research began coverage on shares of Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Royal Bank of Canada raised their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. Finally, Guggenheim raised their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $91.72.

Cloudflare Price Performance

NET opened at $87.94 on Tuesday. The company has a market capitalization of $30.05 billion, a price-to-earnings ratio of -303.24 and a beta of 1.10. Cloudflare, Inc. has a 1 year low of $53.88 and a 1 year high of $116.00. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The firm’s fifty day moving average price is $83.20 and its two-hundred day moving average price is $80.60.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.12) EPS. As a group, analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

Cloudflare Company 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.