Cloudflare, Inc. (NYSE:NET) Underweight by DNB Asset Management AS


DNB Asset Management AS cut its stake in Cloudflare, Inc. (NYSE:NET – Get Rating) by 5.5% in the first quarter, according to Holdings Channel.com. Institutional investors sold 2,255 shares in the current period and held 38,757 shares of the company. As of the most recent filing with the U.S. Securities and Exchange Commission (SEC), DNB Asset Management AS’ holdings of Cloudflare are valued at $4,639,000.

Other institutional investors and hedge funds have also recently revised their holdings in the company. EverSource Wealth Advisors LLC bought a new position in Cloudflare for $34,000 in the fourth quarter. Stonehage Fleming Financial Services Holdings Ltd acquired the new position at Cloudflare in the fourth quarter for $39,000. Rise Advisors LLC acquired the new position at Cloudflare in the fourth quarter for $42,000. Rockbridge Investment Management LCC acquired a new position at Cloudflare in the fourth quarter for $47,000. Finally, HM Payson & Co. acquired a new position at Cloudflare in the fourth quarter for $48,000. Hedge funds and other institutional investors own 69.96% of the company.

NET has been the subject of many analyst reports. Citigroup lowered its price target for Cloudflare to $95.00 from $120.00 in a research note on Friday, May 6. In a research note Friday, May 6, Mizuho lowered its price target for Cloudflare to $90.00 from $135.00. RBC lowered its price target on Cloudflare to $120.00 from $155.00 in a report on Monday, May 2. Cowen lowered Cloudflare’s price target to $200.00 from $250.00 in a report on Monday, May 2. Finally, Jefferies Financial Group lowered its price target for Cloudflare from $75.00 to $55.00 in a Monday, May 23 report. One research analyst has a sell rating on the stock, 11 have a hold rating, and 11 have a buy rating. The stock currently has a “hold” consensus rating and a consensus price target of $130.36, according to MarketBeat.

In other Cloudflare news, director Scott D. Sandell sold 2,441 shares of the company in trading on Tuesday, June 14. The stock sold at an average price of $40.91 for a total value of $99,861.31. Following the transaction, the directors now directly own 3,454 shares of the company’s stock, worth approximately $141,303.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. In addition, CAO Paul D. Underwood sold 2,000 shares of the company in trading on Monday, April 18. The stock sold at an average price of $112.56 for a total value of $225,120.00. Following the transaction, the chief accounting officer now directly holds 29,895 shares in the company, valued at $3,364,981.20. Disclosures for this sale can be found here. Over the past ninety days, insiders sold 447,842 shares of the company, worth $43,046,717. Insiders own 20.69% of the company.

NYSE:NET opened Thursday at $44.34. The company has a market cap of $14.47 billion, a price-to-earnings ratio of -53.42, and a beta of 1.06. Cloudflare, Inc. had a 1-year low of $38.96 and a 1-year high of $221.64. The company’s current ratio is 6.85, its quick ratio is 6.85, and its debt-to-equity ratio is 2.78. The business’s 50-day moving average price is $66.94 and its 200-day moving average price is $96.95.

Cloudflare (NYSE: NET – Get Rating) last reported quarterly earnings results on Thursday, May 5. The company reported earnings per share ($0.12) for the quarter, missing consensus estimates ($0.09) ($0.03). Cloudflare’s net profit margin was negative 35.83% and its return on equity was 17.74%. The business reported revenue of $212.2 million for the quarter, compared with analysts’ estimates of $205.66 million. In the same period last year, the company reported earnings per share ($0.11). The company’s quarterly revenue rose 53.7% year over year. Stock analysts forecast Cloudflare, Inc. earnings per share for the year at -0.41.

About Cloudflare (get a rating)

CloudFlare, Inc operates as a cloud service provider, offering a range of services to businesses around the world. The company provides integrated cloud-based security solutions to protect a portfolio of platforms, including public cloud, private cloud, on-premises, software-as-a-service applications and IoT devices.

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Want to see what other hedge funds hold NET? Visit HoldingsChannel.com for the latest 13F filing and insider trading for Cloudflare, Inc. (NYSE: NET – Rated).

Cloudflare (NYSE:NET) Institutional Ownership by Quarter



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