PFA Pension Forsikringsaktieselskab Makes New Investment in Cloudflare, Inc. $NET

Key Points

• PFA Pension opened a new position in Cloudflare (NYSE:NET) in Q4, buying 146,565 shares valued at about $29.26 million; overall institutional ownership stands at 82.68%.
• Cloudflare beat quarterly EPS ( $0.28 vs. $0.27) and delivered revenue of $614.5M, up 33.6% year-over-year, but remains unprofitable with a negative net margin (-4.72%) and analysts forecast -0.11 EPS for the fiscal year.
• Analyst sentiment is broadly positive — MarketBeat shows a "Moderate Buy" consensus with an average price target of $232.62 (majority of ratings are Buy).

PFA Pension Forsikringsaktieselskab bought a new position in Cloudflare, Inc. (NYSE:NET - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 146,565 shares of the company's stock, valued at approximately $29,257,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Cloudflare by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company's stock worth $6,389,167,000 after purchasing an additional 90,397 shares during the period. Invesco Ltd. lifted its position in Cloudflare by 1.3% in the third quarter. Invesco Ltd. now owns 3,964,733 shares of the company's stock worth $850,792,000 after purchasing an additional 49,485 shares during the period. Groupama Asset Managment lifted its position in Cloudflare by 82.6% in the third quarter. Groupama Asset Managment now owns 2,100,000 shares of the company's stock worth $450,639,000 after purchasing an additional 950,000 shares during the period. Northern Trust Corp lifted its position in Cloudflare by 1.2% in the third quarter. Northern Trust Corp now owns 1,909,120 shares of the company's stock worth $409,678,000 after purchasing an additional 21,715 shares during the period. Finally, Jennison Associates LLC lifted its position in 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 purchasing an additional 1,657,144 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NYSE:NET opened at $217.82 on Monday. Cloudflare, Inc. has a one year low of $120.46 and a one year high of $260.00. The stock has a fifty day moving average of $199.89 and a 200-day moving average of $200.05. The company has a market capitalization of $76.67 billion, a PE ratio of -751.07 and a beta of 1.67. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98.

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

Insider Activity at Cloudflare

In other Cloudflare news, Director Mark J. Hawkins sold 133 shares of the business's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $209.60, for a total transaction of $27,876.80. Following the sale, the director directly owned 10,322 shares of the company's stock, valued at $2,163,491.20. The trade was a 1.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $197.98, for a total transaction of $1,979,800.00. Following the sale, the chief financial officer directly owned 221,681 shares in the company, valued at approximately $43,888,404.38. This trade represents a 4.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 616,104 shares of company stock worth $120,517,852. Insiders own 10.89% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on NET. DZ Bank upgraded Cloudflare from a "hold" rating to a "buy" rating and set a $215.00 target price for the company in a research report on Friday, February 13th. Barclays increased their price objective on Cloudflare from $235.00 to $250.00 and gave the company an "overweight" rating in a research report on Wednesday, February 11th. Guggenheim increased their price objective on Cloudflare from $117.00 to $140.00 and gave the company a "sell" rating in a research report on Wednesday, February 11th. New Street Research set a $140.00 price objective on Cloudflare in a research report on Wednesday, February 11th. Finally, BTIG Research increased their price objective on Cloudflare from $199.00 to $243.00 and gave the company a "buy" rating in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Cloudflare has an average rating of "Moderate Buy" and an average price target of $232.62.

Cloudflare Profile

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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