Danske Bank A S Boosts Stock Holdings in Cloudflare, Inc. $NET

Key Points

• Danske Bank A/S boosted its Cloudflare stake by 6.9% in Q4 to 213,093 shares, worth about $42.01 million and representing roughly 0.06% of the company.
• Company insiders have been net sellers recently—619,238 shares (~$121.07 million) were sold in the past three months (including sales by Michelle Zatlyn and director Carl Ledbetter), though insiders still own 10.89% of the stock.
• Analysts have a Moderate Buy consensus with an average price target of $232.62; institutional ownership is high at 82.68% and NET trades near $217.82 with a ~$76.7 billion market cap.

Danske Bank A S lifted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 6.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 213,093 shares of the company's stock after purchasing an additional 13,754 shares during the period. Danske Bank A S owned about 0.06% of Cloudflare worth $42,011,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in NET. Mutual Advisors LLC grew its position in Cloudflare by 5.2% during the fourth quarter. Mutual Advisors LLC now owns 9,543 shares of the company's stock valued at $1,881,000 after buying an additional 471 shares during the period. Jennison Associates LLC raised its position in shares of Cloudflare by 802.6% in the fourth quarter. Jennison Associates LLC now owns 1,863,612 shares of the company's stock worth $367,411,000 after acquiring an additional 1,657,144 shares during the period. Rachor Investment Advisory Services LLC purchased a new stake in shares of Cloudflare during the 4th quarter worth about $35,000. Vest Financial LLC boosted its stake in shares of Cloudflare by 16.2% during the 4th quarter. Vest Financial LLC now owns 1,354 shares of the company's stock worth $267,000 after acquiring an additional 189 shares in the last quarter. Finally, United Community Bank grew its position in shares of Cloudflare by 488.2% during the 4th quarter. United Community Bank now owns 200 shares of the company's stock valued at $39,000 after acquiring an additional 166 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Wolfe Research restated a "peer perform" rating on shares of Cloudflare in a research note on Monday, January 26th. Citigroup started coverage on Cloudflare in a report on Wednesday, April 15th. They issued a "buy" rating on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Cloudflare in a research report on Monday, April 20th. Jefferies Financial Group initiated coverage on Cloudflare in a research note on Wednesday, April 15th. They set a "buy" rating for the company. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $224.00 target price on shares of Cloudflare in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $232.62.

Insider Activity

In related news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $209.15, for a total value of $5,362,815.15. Following the completion of the transaction, the insider directly owned 34,514 shares of the company's stock, valued at approximately $7,218,603.10. This represents a 42.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Carl Ledbetter sold 9,991 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $215.85, for a total value of $2,156,557.35. Following the completion of the transaction, the director owned 928,082 shares in the company, valued at $200,326,499.70. The trade was a 1.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 619,238 shares of company stock valued at $121,070,031 in the last three months. Company insiders own 10.89% of the company's stock.

Cloudflare Trading Up 6.3%

NET stock opened at $217.82 on Friday. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35. Cloudflare, Inc. has a 12-month low of $120.46 and a 12-month high of $260.00. The stock has a market cap of $76.67 billion, a price-to-earnings ratio of -751.07 and a beta of 1.67. The business's 50-day moving average is $199.89 and its 200 day moving average is $200.33.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.01. The business had revenue of $614.51 million during the quarter, compared to analysts' expectations of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The business's revenue was up 33.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.19 earnings per share. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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