Handelsbanken Fonder AB Sells 52,715 Shares of Cloudflare, Inc. (NYSE:NET)

Handelsbanken Fonder AB trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 28.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,701 shares of the company's stock after selling 52,715 shares during the period. Handelsbanken Fonder AB's holdings in Cloudflare were worth $14,954,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NET. Groupama Asset Managment purchased a new stake in Cloudflare during the fourth quarter valued at about $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare during the fourth quarter worth about $249,544,000. American Century Companies Inc. boosted its holdings in shares of Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the period. Fred Alger Management LLC boosted its holdings in shares of Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after purchasing an additional 836,591 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after purchasing an additional 804,059 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Stock Up 0.5%

Shares of NYSE:NET traded up $0.88 during trading on Friday, reaching $171.69. 6,251,147 shares of the stock traded hands, compared to its average volume of 3,159,642. The stock has a 50-day moving average of $139.61 and a two-hundred day moving average of $129.85. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $181.81. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market cap of $59.51 billion, a P/E ratio of -780.40 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.16 EPS. As a group, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NET. Morgan Stanley increased their target price on shares of Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Piper Sandler reissued a "neutral" rating and issued a $151.00 price target (up from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Royal Bank of Canada decreased their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Oppenheimer reissued an "outperform" rating and issued a $200.00 price target (up from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Finally, KeyCorp started coverage on shares of Cloudflare in a research note on Friday, June 6th. They issued an "overweight" rating and a $210.00 price target for the company. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $145.92.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $116.47, for a total transaction of $6,101,164.48. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $48,150,212.11. This trade represents a 11.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Ledbetter sold 492 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $181.46, for a total transaction of $89,278.32. Following the sale, the director now owns 1,083,123 shares in the company, valued at $196,543,499.58. The trade was a 0.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 661,985 shares of company stock worth $93,352,423 in the last 90 days. 10.89% of the stock is currently owned by insiders.

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.