Skandinaviska Enskilda Banken AB publ Has $7.03 Million Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• Skandinaviska Enskilda Banken AB publ increased its stake in Cloudflare, Inc. by 2.3%, owning 62,344 shares valued at $7,026,000 as of its latest SEC filing.
• Institutional investors collectively own 82.68% of Cloudflare's stock, with notable new positions taken by Groupama Asset Management and Norges Bank, among others.
• Cloudflare's latest quarterly earnings report showed a revenue increase of 26.5% year-over-year, despite missing EPS estimates and achieving a negative net margin of 4.62%.

Skandinaviska Enskilda Banken AB publ raised its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,344 shares of the company's stock after acquiring an additional 1,376 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Cloudflare were worth $7,026,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Groupama Asset Managment purchased a new position in Cloudflare during the 4th quarter valued at about $269,200,000. Norges Bank purchased a new stake in Cloudflare in the fourth quarter worth about $249,544,000. Fred Alger Management LLC grew its stake in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after acquiring an additional 836,591 shares during the last quarter. Invesco Ltd. raised its holdings in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after buying an additional 804,059 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in Cloudflare by 454.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company's stock worth $94,660,000 after acquiring an additional 720,568 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Performance

Shares of NET traded up $9.11 during midday trading on Thursday, hitting $209.96. 2,584,002 shares of the stock traded hands, compared to its average volume of 3,686,686. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. Cloudflare, Inc. has a 1-year low of $69.26 and a 1-year high of $210.98. The business's 50 day moving average price is $182.66 and its two-hundred day moving average price is $147.77. The firm has a market capitalization of $72.78 billion, a PE ratio of -913.16 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. During the same quarter last year, the firm posted $0.16 earnings per share. The firm's quarterly revenue was up 26.5% compared to the same quarter last year. Equities research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Ratings Changes

NET has been the topic of several research reports. DZ Bank restated a "sell" rating and issued a $170.00 target price on shares of Cloudflare in a report on Tuesday, July 22nd. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company increased their price target on Cloudflare from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Cowen reiterated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Finally, Piper Sandler reiterated a "neutral" rating and set a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cloudflare currently has an average rating of "Moderate Buy" and an average price target of $161.72.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 34,270 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $48,351,063.50. The trade was a 12.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $190.68, for a total transaction of $4,889,225.88. Following the completion of the sale, the insider directly owned 6,390 shares of the company's stock, valued at $1,218,445.20. This represents a 80.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 688,062 shares of company stock valued at $121,498,887. 10.89% of the stock is currently owned by company insiders.

About Cloudflare

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.