Cloudflare (NYSE:NET) Lowered to Hold at Zacks Investment Research

Cloudflare (NYSE:NETGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Cloudflare Inc. provides platform protects and accelerates any Internet application online without adding hardware, installing software or changing a line of code. It operates principally in Austin, TX, Champaign, IL, New York, San Jose, Washington, D.C., Lisbon, London, Munich, Beijing, Singapore, and Sydney. Cloudflare Inc. is based in Denver, Colorado. “

NET has been the topic of a number of other research reports. Mizuho upped their target price on shares of Cloudflare from $120.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday, February 11th. JMP Securities initiated coverage on shares of Cloudflare in a research report on Tuesday, February 22nd. They set a “buy” rating and a $175.00 price target on the stock. Truist Financial reduced their price target on shares of Cloudflare from $240.00 to $200.00 in a research report on Tuesday, January 18th. Jefferies Financial Group reduced their price target on shares of Cloudflare from $210.00 to $120.00 and set a “hold” rating on the stock in a research report on Thursday, January 6th. Finally, Robert W. Baird reduced their price target on shares of Cloudflare from $210.00 to $130.00 and set a “neutral” rating on the stock in a research report on Friday, February 11th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $151.39.

Shares of NET opened at $121.63 on Thursday. The company has a current ratio of 6.78, a quick ratio of 6.78 and a debt-to-equity ratio of 1.41. Cloudflare has a 12-month low of $64.84 and a 12-month high of $221.64. The firm has a 50-day moving average price of $108.18 and a 200 day moving average price of $134.38. The firm has a market capitalization of $39.42 billion, a P/E ratio of -146.54 and a beta of 0.69.

Cloudflare (NYSE:NETGet Rating) last announced its quarterly earnings data on Thursday, February 10th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.04). Cloudflare had a negative net margin of 39.65% and a negative return on equity of 15.45%. The firm had revenue of $193.60 million during the quarter, compared to analysts’ expectations of $184.79 million. Equities research analysts predict that Cloudflare will post -0.36 earnings per share for the current fiscal year.

In other news, COO Michelle Zatlyn sold 51,284 shares of Cloudflare stock in a transaction on Monday, April 11th. The stock was sold at an average price of $109.00, for a total transaction of $5,589,956.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $129.35, for a total value of $1,293,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 592,707 shares of company stock valued at $62,842,135. 20.69% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of NET. Jasper Ridge Partners L.P. lifted its position in Cloudflare by 4.0% during the 3rd quarter. Jasper Ridge Partners L.P. now owns 137,885 shares of the company’s stock worth $15,533,000 after acquiring an additional 5,284 shares in the last quarter. Invesco Ltd. raised its position in shares of Cloudflare by 2.5% in the 3rd quarter. Invesco Ltd. now owns 1,116,512 shares of the company’s stock valued at $125,775,000 after purchasing an additional 27,615 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Cloudflare by 7.6% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 222,979 shares of the company’s stock valued at $25,119,000 after purchasing an additional 15,661 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Cloudflare by 2.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 357,075 shares of the company’s stock valued at $40,224,000 after purchasing an additional 9,335 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Cloudflare by 8.1% in the 3rd quarter. Mackenzie Financial Corp now owns 51,238 shares of the company’s stock valued at $5,772,000 after purchasing an additional 3,842 shares in the last quarter. Institutional investors own 66.28% of the company’s stock.

About Cloudflare (Get Rating)

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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