Cloudflare (NYSE:NET) Sets New 12-Month Low Following Analyst Downgrade

Cloudflare, Inc. (NYSE:NETGet Rating) shares hit a new 52-week low on Monday after Morgan Stanley lowered their price target on the stock from $76.00 to $52.00. Morgan Stanley currently has an equal weight rating on the stock. Cloudflare traded as low as $38.96 and last traded at $39.60, with a volume of 60491 shares trading hands. The stock had previously closed at $41.09.

A number of other brokerages also recently weighed in on NET. Cantor Fitzgerald raised their target price on shares of Cloudflare from $55.00 to $65.00 in a research note on Friday. Mizuho decreased their price target on shares of Cloudflare from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday. Cowen decreased their price target on shares of Cloudflare from $100.00 to $75.00 in a research note on Friday. KeyCorp decreased their price target on shares of Cloudflare from $98.00 to $59.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Piper Sandler lifted their price target on shares of Cloudflare from $57.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $90.84.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $76.63, for a total transaction of $4,014,185.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 314,304 shares of company stock worth $21,093,989. Corporate insiders own 15.99% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Large investors have recently modified their holdings of the stock. GSA Capital Partners LLP raised its position in Cloudflare by 23.2% in the 1st quarter. GSA Capital Partners LLP now owns 2,202 shares of the company’s stock worth $264,000 after buying an additional 414 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Cloudflare by 11.7% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 46,834 shares of the company’s stock worth $5,606,000 after buying an additional 4,891 shares during the last quarter. Toronto Dominion Bank raised its position in Cloudflare by 114.0% in the 1st quarter. Toronto Dominion Bank now owns 122,864 shares of the company’s stock worth $14,706,000 after buying an additional 65,462 shares during the last quarter. Lake Street Advisors Group LLC purchased a new position in Cloudflare in the 2nd quarter worth about $890,000. Finally, Circle Wealth Management LLC increased its position in shares of Cloudflare by 34.7% during the 1st quarter. Circle Wealth Management LLC now owns 21,004 shares of the company’s stock valued at $2,514,000 after purchasing an additional 5,415 shares during the last quarter. Hedge funds and other institutional investors own 71.69% of the company’s stock.

Cloudflare Stock Down 5.0 %

The stock has a market cap of $12.73 billion, a PE ratio of -55.74 and a beta of 1.08. The company has a debt-to-equity ratio of 2.47, a quick ratio of 5.45 and a current ratio of 5.45. The company’s 50-day moving average price is $56.19 and its 200 day moving average price is $58.20.

Cloudflare Company Profile

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

Further Reading

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