Handelsbanken Fonder AB Has $19.97 Million Position in Cloudflare, Inc. (NYSE:NET)

Handelsbanken Fonder AB increased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,416 shares of the company’s stock after buying an additional 2,204 shares during the quarter. Handelsbanken Fonder AB owned about 0.05% of Cloudflare worth $19,966,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Creative Planning lifted its stake in Cloudflare by 17.8% during the third quarter. Creative Planning now owns 31,519 shares of the company’s stock worth $2,550,000 after purchasing an additional 4,756 shares during the last quarter. Blue Trust Inc. lifted its stake in Cloudflare by 224.5% during the third quarter. Blue Trust Inc. now owns 2,447 shares of the company’s stock worth $203,000 after purchasing an additional 1,693 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after purchasing an additional 119 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in Cloudflare by 12.1% during the third quarter. Sequoia Financial Advisors LLC now owns 2,799 shares of the company’s stock worth $226,000 after purchasing an additional 303 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in Cloudflare by 2.8% during the third quarter. Signaturefd LLC now owns 10,087 shares of the company’s stock worth $816,000 after purchasing an additional 274 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the subject of several recent analyst reports. Stifel Nicolaus upped their target price on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. UBS Group upped their target price on Cloudflare from $130.00 to $165.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. JMP Securities upped their target price on Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research note on Friday, February 7th. Truist Financial increased their price target on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Finally, Morgan Stanley increased their price target on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $136.28.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $151.83 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The business has a 50-day moving average price of $130.11 and a two-hundred day moving average price of $103.08. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a market cap of $52.11 billion, a P/E ratio of -690.12 and a beta of 1.12.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity

In other Cloudflare news, COO Michelle Zatlyn sold 35,118 shares of Cloudflare stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the transaction, the chief operating officer now owns 172,959 shares in the company, valued at approximately $18,212,582.70. The trade was a 16.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $109.90, for a total value of $1,648,500.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $27,790,303.10. This trade represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 594,036 shares of company stock worth $72,407,434 in the last three months. Company insiders own 12.83% of the company’s stock.

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.