Cloudflare (NYSE:NET) Price Target Raised to $65.00 at Citigroup

Cloudflare (NYSE:NET) had its price target hoisted by Citigroup from $48.00 to $65.00 in a research note issued to investors on Tuesday, FlyOnTheWall reports.

NET has been the subject of a number of other reports. TD Cowen boosted their price target on Cloudflare from $70.00 to $80.00 and gave the company an outperform rating in a report on Friday, August 4th. Wells Fargo & Company upped their price target on Cloudflare from $55.00 to $80.00 and gave the company an overweight rating in a research report on Friday, August 4th. KeyCorp upped their target price on Cloudflare from $61.00 to $80.00 in a research report on Tuesday, July 18th. Royal Bank of Canada increased their price objective on Cloudflare from $54.00 to $71.00 and gave the company an outperform rating in a report on Monday, July 31st. Finally, Needham & Company LLC raised their price objective on Cloudflare from $75.00 to $85.00 and gave the stock a buy rating in a research report on Friday, August 4th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare has a consensus rating of Hold and a consensus target price of $66.40.

Cloudflare Stock Up 2.2 %

NET opened at $63.22 on Tuesday. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 2.00. The firm has a market cap of $21.13 billion, a P/E ratio of -94.35 and a beta of 0.93. Cloudflare has a 52 week low of $37.37 and a 52 week high of $76.07. The business’s fifty day simple moving average is $64.91 and its 200 day simple moving average is $61.27.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 3rd. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business had revenue of $308.49 million during the quarter, compared to analyst estimates of $305.63 million. Cloudflare had a negative return on equity of 21.42% and a negative net margin of 19.61%. As a group, equities research analysts anticipate that Cloudflare will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Carl Ledbetter sold 30,145 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $64.76, for a total transaction of $1,952,190.20. Following the transaction, the director now owns 1,938,954 shares of the company’s stock, valued at approximately $125,566,661.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Carl Ledbetter sold 30,145 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $64.76, for a total value of $1,952,190.20. Following the transaction, the director now owns 1,938,954 shares of the company’s stock, valued at approximately $125,566,661.04. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $67.47, for a total transaction of $202,410.00. Following the transaction, the general counsel now directly owns 160,495 shares in the company, valued at approximately $10,828,597.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 619,895 shares of company stock worth $40,458,970. Company insiders own 14.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System raised its holdings in shares of Cloudflare by 1.7% during the 2nd quarter. California State Teachers Retirement System now owns 444,650 shares of the company’s stock valued at $29,067,000 after buying an additional 7,305 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Cloudflare by 5.4% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 176,228 shares of the company’s stock valued at $11,520,000 after purchasing an additional 9,000 shares in the last quarter. SWS Partners boosted its stake in shares of Cloudflare by 8.5% in the 2nd quarter. SWS Partners now owns 49,628 shares of the company’s stock valued at $3,237,000 after purchasing an additional 3,870 shares in the last quarter. Alliancebernstein L.P. boosted its position in Cloudflare by 50.5% during the 2nd quarter. Alliancebernstein L.P. now owns 158,310 shares of the company’s stock valued at $10,349,000 after buying an additional 53,129 shares during the period. Finally, Lountzis Asset Management LLC purchased a new stake in Cloudflare during the 2nd quarter valued at $891,000. 74.38% of the stock is currently owned by hedge funds and other institutional investors.

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, secure origin connection, and rate limiting products.