Handelsbanken Fonder AB Increases Position in Cloudflare, Inc. (NYSE:NET)

Posted by Defense World Staff on Jul 21st, 2023

Handelsbanken Fonder AB increased its stake in Cloudflare, Inc. (NYSE:NET – Free Report) by 18.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,679 shares of the company’s stock after purchasing an additional 12,762 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cloudflare were worth $5,160,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Moneta Group Investment Advisors LLC increased its stake in Cloudflare by 131,133.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company’s stock valued at $274,583,000 after purchasing an additional 6,068,873 shares in the last quarter. Norges Bank purchased a new stake in shares of Cloudflare in the fourth quarter valued at about $124,592,000. Marshall Wace LLP grew its position in shares of Cloudflare by 4,672.6% in the fourth quarter. Marshall Wace LLP now owns 2,644,109 shares of the company’s stock valued at $119,540,000 after purchasing an additional 2,588,707 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Cloudflare by 13.5% during the 4th quarter. First Trust Advisors LP now owns 6,350,693 shares of the company’s stock worth $287,181,000 after purchasing an additional 755,225 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Cloudflare by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock worth $2,795,953,000 after purchasing an additional 548,149 shares during the last quarter. Hedge funds and other institutional investors own 74.38% of the company’s stock.

Insiders Place Their Bets

In other Cloudflare news, Director Carl Ledbetter sold 9,999 shares of the company’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $74.36, for a total value of $743,525.64. Following the completion of the transaction, the director now directly owns 1,920,969 shares of the company’s stock, valued at approximately $142,843,254.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Carl Ledbetter sold 9,999 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $74.36, for a total transaction of $743,525.64. Following the completion of the sale, the director now directly owns 1,920,969 shares in the company, valued at $142,843,254.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the sale, the general counsel now owns 157,454 shares of the company’s stock, valued at $7,872,700. The disclosure for this sale can be found here. Insiders sold a total of 552,445 shares of company stock worth $35,086,325 in the last 90 days. 14.80% of the stock is owned by company insiders.

Cloudflare Stock Down 7.5 %

Shares of Cloudflare stock opened at $67.23 on Friday. The company has a fifty day moving average price of $64.11 and a 200 day moving average price of $58.13. The company has a current ratio of 4.40, a quick ratio of 4.40 and a debt-to-equity ratio of 2.20. Cloudflare, Inc. has a twelve month low of $37.37 and a twelve month high of $80.99. The stock has a market cap of $22.31 billion, a price-to-earnings ratio of -113.95 and a beta of 0.93.

Cloudflare (NYSE:NET – Get Free Report) last announced its quarterly earnings results on Thursday, April 27th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The business had revenue of $290.18 million for the quarter, compared to analysts’ expectations of $290.96 million. Cloudflare had a negative return on equity of 25.10% and a negative net margin of 18.05%. Equities research analysts forecast that Cloudflare, Inc. will post -0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on NET shares. UBS Group initiated coverage on Cloudflare in a report on Monday, June 5th. They issued a “sell” rating and a $55.00 price target for the company. JMP Securities lifted their price objective on Cloudflare from $60.00 to $75.00 in a research report on Thursday, July 13th. KeyCorp lifted their price objective on Cloudflare from $61.00 to $80.00 in a research report on Tuesday. Cantor Fitzgerald dropped their price objective on Cloudflare from $65.00 to $50.00 in a research report on Friday, April 28th. Finally, Stifel Nicolaus lowered their target price on shares of Cloudflare from $65.00 to $55.00 in a research note on Friday, April 28th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $62.71.

Cloudflare Profile

(Free Report)

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, secure origin connection, and rate limiting products.