Handelsbanken Fonder AB Sells 52,715 Shares of Cloudflare, Inc. (NYSE:NET)

Handelsbanken Fonder AB lowered its position in Cloudflare, Inc. (NYSE:NET) by 28.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 132,701 shares of the company’s stock after selling 52,715 shares during the period. Handelsbanken Fonder AB’s holdings in Cloudflare were worth $14,954,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of NET. SG Americas Securities LLC boosted its stake in shares of Cloudflare by 62.4% in the first quarter. SG Americas Securities LLC now owns 15,695 shares of the company’s stock worth $1,769,000 after acquiring an additional 6,030 shares during the period. GAMMA Investing LLC boosted its stake in Cloudflare by 86.8% during the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company’s stock valued at $123,000 after buying an additional 508 shares during the last quarter. Yousif Capital Management LLC boosted its stake in Cloudflare by 2.5% during the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company’s stock valued at $447,000 after buying an additional 98 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in Cloudflare by 5.4% during the first quarter. Pallas Capital Advisors LLC now owns 2,926 shares of the company’s stock valued at $330,000 after buying an additional 151 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Cloudflare by 2.5% during the first quarter. Farther Finance Advisors LLC now owns 12,114 shares of the company’s stock valued at $1,401,000 after buying an additional 291 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Activity

In related news, insider Michelle Zatlyn sold 25,641 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $171.41, for a total value of $4,395,123.81. Following the sale, the insider now owns 6,390 shares of the company’s stock, valued at $1,095,309.90. The trade was a 80.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $116.47, for a total transaction of $6,101,164.48. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $48,150,212.11. This represents a 11.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 555,976 shares of company stock worth $74,746,733 in the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on NET. Mizuho raised Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price target for the company in a research note on Wednesday, April 16th. Bank of America upgraded Cloudflare from an “underperform” rating to a “buy” rating and upped their price objective for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Susquehanna decreased their price objective on Cloudflare from $170.00 to $140.00 and set a “neutral” rating on the stock in a research report on Monday, May 12th. CICC Research upgraded Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective on the stock in a research report on Monday, May 12th. Finally, UBS Group upped their price objective on Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cloudflare has an average rating of “Hold” and a consensus price target of $145.92.

Cloudflare Price Performance

Shares of NYSE:NET opened at $179.70 on Thursday. The firm’s 50 day moving average is $136.67 and its two-hundred day moving average is $128.91. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $181.81. The firm has a market capitalization of $62.29 billion, a P/E ratio of -816.82 and a beta of 1.84. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The business had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. The company’s quarterly revenue was up 26.5% on a year-over-year basis. Analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.