Nordea Investment Management AB Purchases 261 Shares of Cloudflare, Inc. (NYSE:NET)

Nordea Investment Management AB raised its position in shares of Cloudflare, Inc. (NYSE:NET) by 0.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 39,776 shares of the company’s stock after purchasing an additional 261 shares during the quarter. Nordea Investment Management AB’s holdings in Cloudflare were worth $4,307,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NET. Allspring Global Investments Holdings LLC grew its position in Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after buying an additional 119 shares during the period. Quarry LP grew its position in shares of Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares during the period. Elo Mutual Pension Insurance Co increased its stake in shares of Cloudflare by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock worth $2,253,000 after purchasing an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC raised its holdings in Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after purchasing an additional 137 shares during the period. Finally, Versant Capital Management Inc lifted its position in Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at approximately $1,226,652.76. The trade was a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $90.88, for a total value of $1,363,200.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at $25,573,904.64. This represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 644,620 shares of company stock worth $66,433,687 over the last quarter. Insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on NET shares. Royal Bank of Canada raised their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. UBS Group lifted their price target on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company increased their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a research note on Tuesday. Piper Sandler lifted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Stifel Nicolaus upgraded Cloudflare from a “hold” rating to a “buy” rating and increased their price target for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Cloudflare has a consensus rating of “Hold” and a consensus target price of $102.30.

Cloudflare Trading Down 2.4 %

NET stock opened at $112.91 on Friday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $119.42. The stock has a market capitalization of $38.75 billion, a price-to-earnings ratio of -434.27 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s fifty day simple moving average is $104.91 and its two-hundred day simple moving average is $90.09.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current year.

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.