Forsta AP Fonden Reduces Stake in Cloudflare, Inc. (NYSE:NET)

Forsta AP Fonden cut its stake in Cloudflare, Inc. (NYSE:NET) by 3.2% in the first quarter, Holdings Channel reports. The fund owned 61,300 shares of the company’s stock after selling 2,000 shares during the period. Forsta AP Fonden’s holdings in Cloudflare were worth $6,908,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. National Bank of Canada FI increased its position in Cloudflare by 29.5% during the first quarter. National Bank of Canada FI now owns 11,200 shares of the company’s stock worth $1,262,000 after purchasing an additional 2,550 shares during the last quarter. Swiss National Bank grew its stake in shares of Cloudflare by 0.3% in the 1st quarter. Swiss National Bank now owns 862,200 shares of the company’s stock valued at $97,161,000 after buying an additional 2,500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Cloudflare by 10.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 246,861 shares of the company’s stock worth $27,819,000 after buying an additional 23,545 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Cloudflare during the 1st quarter valued at approximately $57,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Cloudflare by 8.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,321,208 shares of the company’s stock valued at $148,887,000 after buying an additional 99,448 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of NET opened at $204.53 on Monday. The firm has a market capitalization of $71.27 billion, a price-to-earnings ratio of -601.56 and a beta of 1.84. The firm’s fifty day simple moving average is $189.16 and its 200-day simple moving average is $152.64. Cloudflare, Inc. has a twelve month low of $74.88 and a twelve month high of $219.00. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. The company had revenue of $512.32 million for the quarter, compared to analysts’ expectations of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. Cloudflare’s quarterly revenue was up 27.8% on a year-over-year basis. During the same period last year, the firm earned $0.20 earnings per share. Equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity

In other news, insider Michelle Zatlyn sold 25,641 shares of the business’s stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $190.68, for a total transaction of $4,889,225.88. Following the completion of the sale, the insider owned 6,390 shares in the company, valued at approximately $1,218,445.20. The trade was a 80.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $199.85, for a total transaction of $2,997,750.00. Following the completion of the transaction, the director directly owned 1,043,073 shares in the company, valued at $208,458,139.05. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 691,062 shares of company stock valued at $122,093,547 over the last 90 days. Insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on NET. Cowen reiterated a “buy” rating on shares of Cloudflare in a research report on Monday, June 16th. Needham & Company LLC increased their price target on Cloudflare from $200.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Robert W. Baird boosted their price objective on shares of Cloudflare from $148.00 to $175.00 and gave the company a “neutral” rating in a report on Friday, July 25th. KeyCorp increased their target price on shares of Cloudflare from $210.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Finally, UBS Group lifted their price target on shares of Cloudflare from $145.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $186.88.

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.