Avanza Fonder AB Makes New $655,000 Investment in Cloudflare, Inc. $NET

Avanza Fonder AB acquired a new stake in Cloudflare, Inc. (NYSE:NET) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 3,323 shares of the company’s stock, valued at approximately $655,000.

A number of other institutional investors have also recently modified their holdings of NET. Empowered Funds LLC increased its position in shares of Cloudflare by 34.2% in the first quarter. Empowered Funds LLC now owns 6,656 shares of the company’s stock worth $750,000 after purchasing an additional 1,696 shares during the period. Sivia Capital Partners LLC acquired a new stake in Cloudflare during the second quarter worth about $424,000. AlphaCore Capital LLC bought a new position in Cloudflare in the 2nd quarter valued at about $134,000. Coldstream Capital Management Inc. increased its holdings in Cloudflare by 18.8% in the 2nd quarter. Coldstream Capital Management Inc. now owns 4,301 shares of the company’s stock valued at $842,000 after buying an additional 681 shares during the period. Finally, Prudential Financial Inc. raised its position in shares of Cloudflare by 50.8% in the 2nd quarter. Prudential Financial Inc. now owns 20,685 shares of the company’s stock valued at $4,051,000 after buying an additional 6,972 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NET has been the subject of a number of recent analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $224.00 price target on shares of Cloudflare in a report on Wednesday, February 11th. KeyCorp restated an “overweight” rating on shares of Cloudflare in a research report on Wednesday, February 11th. Citigroup upped their target price on Cloudflare from $260.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Truist Financial set a $225.00 target price on Cloudflare in a report on Tuesday, January 20th. Finally, Scotiabank decreased their price target on Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $233.38.

Cloudflare Trading Up 2.3%

Shares of Cloudflare stock opened at $218.12 on Thursday. The firm’s 50 day moving average is $189.47 and its 200 day moving average is $203.43. The firm has a market capitalization of $76.77 billion, a PE ratio of -752.11 and a beta of 1.98. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. During the same quarter in the prior year, the firm earned $0.19 EPS. The firm’s revenue was up 33.6% compared to the same quarter last year. Equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $189.47, for a total transaction of $9,925,196.48. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 41,557 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the sale, the chief financial officer owned 85,452 shares in the company, valued at $15,812,038.08. This represents a 32.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 641,768 shares of company stock worth $122,539,186. Insiders own 10.89% of the company’s stock.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.