DNB Asset Management AS Acquires 2,483 Shares of Cloudflare, Inc. (NYSE:NET)

Posted by Defense World Staff on Mar 24th, 2023

DNB Asset Management AS lifted its position in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) by 5.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 49,457 shares of the company’s stock after buying an additional 2,483 shares during the quarter. DNB Asset Management AS’s holdings in Cloudflare were worth $2,236,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. UMB Bank n.a. lifted its stake in shares of Cloudflare by 11.3% during the 4th quarter. UMB Bank n.a. now owns 5,272 shares of the company’s stock valued at $239,000 after buying an additional 534 shares in the last quarter. Peregrine Capital Management LLC lifted its stake in shares of Cloudflare by 1.4% during the 4th quarter. Peregrine Capital Management LLC now owns 524,386 shares of the company’s stock valued at $23,707,000 after buying an additional 7,087 shares in the last quarter. Atlas Brown Inc. lifted its stake in shares of Cloudflare by 21.9% during the 4th quarter. Atlas Brown Inc. now owns 6,950 shares of the company’s stock valued at $314,000 after buying an additional 1,250 shares in the last quarter. Perigon Wealth Management LLC lifted its stake in shares of Cloudflare by 50.3% during the 3rd quarter. Perigon Wealth Management LLC now owns 8,022 shares of the company’s stock valued at $444,000 after buying an additional 2,683 shares in the last quarter. Finally, Toroso Investments LLC lifted its stake in shares of Cloudflare by 9.8% during the 3rd quarter. Toroso Investments LLC now owns 6,611 shares of the company’s stock valued at $366,000 after buying an additional 589 shares in the last quarter. Hedge funds and other institutional investors own 69.97% of the company’s stock.

Cloudflare Stock Performance

Shares of NYSE:NET opened at $58.18 on Friday. The company has a market capitalization of $19.22 billion, a price-to-earnings ratio of -96.97 and a beta of 1.03. Cloudflare, Inc. has a 12 month low of $37.37 and a 12 month high of $132.45. The firm’s 50-day moving average is $56.35 and its 200 day moving average is $52.72. The company has a current ratio of 4.74, a quick ratio of 4.74 and a debt-to-equity ratio of 2.30.

Cloudflare (NYSE:NET – Get Rating) last issued its quarterly earnings results on Thursday, February 9th. The company reported ($0.09) EPS for the quarter, meeting the consensus estimate of ($0.09). The company had revenue of $274.70 million for the quarter, compared to the consensus estimate of $274.29 million. Cloudflare had a negative net margin of 19.83% and a negative return on equity of 27.64%. Research analysts predict that Cloudflare, Inc. will post -0.32 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 74,710 shares of the company’s stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $39.90, for a total value of $2,980,929.00. The sale was disclosed in a filing with the SEC, which is available through this link. In other Cloudflare news, CFO Thomas J. Seifert sold 15,209 shares of the company’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $64.65, for a total value of $983,261.85. Following the transaction, the chief financial officer now directly owns 61,355 shares in the company, valued at approximately $3,966,600.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew Prince sold 74,710 shares of the company’s stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $39.90, for a total transaction of $2,980,929.00. The disclosure for this sale can be found here. Insiders have sold 470,339 shares of company stock worth $25,747,150 in the last three months. Corporate insiders own 15.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on NET shares. Piper Sandler boosted their price target on shares of Cloudflare from $46.00 to $64.00 and gave the stock a “neutral” rating in a research note on Friday, February 10th. Royal Bank of Canada boosted their price target on shares of Cloudflare from $60.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, February 10th. The Goldman Sachs Group started coverage on shares of Cloudflare in a research note on Tuesday, February 14th. They issued a “sell” rating and a $51.00 price target on the stock. Citigroup boosted their price target on shares of Cloudflare from $50.00 to $59.00 and gave the stock a “neutral” rating in a research note on Monday, February 13th. Finally, Guggenheim cut shares of Cloudflare from a “neutral” rating to a “sell” rating and set a $36.00 price target on the stock. in a research note on Tuesday, January 17th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $67.78.

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.