Cloudflare, Inc. (NYSE:NET) Receives Average Rating of “Hold” from Analysts

Cloudflare, Inc. (NYSE:NET) has been given an average rating of “Hold” by the twenty-three analysts that are covering the company, Marketbeat reports. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $66.40.

A number of analysts recently issued reports on NET shares. Wells Fargo & Company increased their target price on shares of Cloudflare from $55.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. KeyCorp increased their target price on shares of Cloudflare from $61.00 to $80.00 in a research report on Tuesday, July 18th. UBS Group initiated coverage on shares of Cloudflare in a research report on Monday, June 5th. They set a “sell” rating and a $55.00 target price for the company. TD Cowen increased their price objective on shares of Cloudflare from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $43.00 price objective on shares of Cloudflare in a research report on Monday, August 7th.

Cloudflare Price Performance

Cloudflare stock opened at $63.97 on Friday. Cloudflare has a 52 week low of $37.37 and a 52 week high of $76.07. 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’s 50-day simple moving average is $64.93 and its 200 day simple moving average is $61.32. The firm has a market capitalization of $21.38 billion, a PE ratio of -95.48 and a beta of 0.93.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, August 3rd. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). Cloudflare had a negative return on equity of 21.42% and a negative net margin of 19.61%. The business had revenue of $308.49 million during the quarter, compared to analysts’ expectations of $305.63 million. On average, equities research analysts predict that Cloudflare will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $68.81, for a total value of $3,604,543.04. Following the sale, the chief executive officer now directly owns 10,716 shares of the company’s stock, valued at $737,367.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $68.88, for a total value of $1,033,200.00. Following the sale, the chief financial officer now directly owns 263,209 shares of the company’s stock, valued at $18,129,835.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $68.81, for a total value of $3,604,543.04. Following the completion of the sale, the chief executive officer now directly owns 10,716 shares in the company, valued at $737,367.96. The disclosure for this sale can be found here. Insiders have sold 592,202 shares of company stock valued at $38,335,120 over the last three months. Company insiders own 14.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NET. TFC Financial Management Inc. acquired a new position in shares of Cloudflare during the fourth quarter valued at $29,000. Sunbelt Securities Inc. acquired a new position in shares of Cloudflare during the first quarter valued at $29,000. Belpointe Asset Management LLC acquired a new position in shares of Cloudflare during the fourth quarter valued at $31,000. First Horizon Advisors Inc. increased its holdings in shares of Cloudflare by 45.4% during the fourth quarter. First Horizon Advisors Inc. now owns 682 shares of the company’s stock valued at $31,000 after purchasing an additional 213 shares during the period. Finally, Alta Advisers Ltd acquired a new position in shares of Cloudflare during the second quarter valued at $39,000. 73.14% of the stock is owned by institutional investors and hedge funds.

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.