DnB Asset Management AS has recently increased its stake in Cloudflare, Inc., according to a 13F filing with the Securities & Exchange Commission. The asset management firm now owns 49,564 shares of Cloudflare’s stock, up by 9.9% from the previous quarter. The value of DnB Asset Management AS’s stake in Cloudflare is now estimated to be $3,240,000.
Other institutional investors and hedge funds have also made changes to their positions in Cloudflare. Kovack Advisors Inc. raised its stake by 3.6% during the first quarter, while First Horizon Advisors Inc. raised its position by 45.4% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC and Nwam LLC both raised their positions by 3.0% and 4.7% respectively, during the first quarter. M&T Bank Corp also increased its position in Cloudflare by 2.3% during the fourth quarter. Overall, hedge funds and institutional investors currently own 73.14% of Cloudflare’s stock.
Cloudflare’s stock opened at $61.73 on the New York Stock Exchange on Tuesday. The company has a 1-year low of $37.37 and a 1-year high of $76.07. With a market cap of $20.63 billion, Cloudflare has a price-to-earnings ratio of -92.13 and a beta of 0.94. The company’s 50-day moving average price is $64.80 and its 200-day moving average price is $61.37.
In terms of earnings performance, Cloudflare reported a loss of ($0.12) per share for the quarter, falling short of analysts’ expectations of ($0.09) per share. The company generated $308.49 million in revenue for the quarter, slightly surpassing analyst estimates of $305.63 million. Cloudflare’s net margin stood at -19.61% and the return on equity was -21.42%. Analysts project that the company will post a negative EPS of -0.34 for the current year.
Analysts have weighed in on Cloudflare’s stock, with Robert W. Baird increasing their price objective from $64.00 to $75.00, while Morgan Stanley affirmed its “equal weight” rating with a price objective of $43.00. The Goldman Sachs Group raised their target price from $38.00 to $43.00 and gave Cloudflare a “sell” rating. Guggenheim downgraded Cloudflare from a “neutral” rating to a “sell” rating and set a $50.00 price target.
In terms of insider activity, Director Carl Ledbetter recently sold 30,145 shares of Cloudflare’s stock, while CFO Thomas J. Seifert sold 15,000 shares. Insiders have sold a total of 624,236 shares, representing 14.80% of the company’s stock.
Cloudflare, Inc. is a cloud services provider that offers a range of services to businesses worldwide, including an integrated cloud-based security solution. The company’s security products include web application firewall, bot management, distributed denial of service protection, and more.
– Securities & Exchange Commission (13F filing)
– SEC website
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