Cloudflare (NYSE:NET) Coverage Initiated at Bank of America

Investment analysts at Bank of America started coverage on shares of Cloudflare (NYSE:NET) in a report issued on Thursday, MarketBeat.com reports. The firm set an “underperform” rating and a $52.00 price target on the stock. Bank of America‘s price target suggests a potential downside of 17.06% from the company’s previous close.

NET has been the topic of a number of other research reports. KeyCorp lifted their target price on shares of Cloudflare from $61.00 to $80.00 in a research note on Tuesday, July 18th. Guggenheim cut shares of Cloudflare from a “neutral” rating to a “sell” rating and set a $50.00 price target for the company. in a research report on Monday, August 7th. The Goldman Sachs Group lifted their price target on shares of Cloudflare from $38.00 to $43.00 and gave the company a “sell” rating in a research report on Friday, August 4th. TD Cowen lifted their price target 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, Citigroup lifted their price target on shares of Cloudflare from $48.00 to $65.00 and gave the company a “neutral” rating in a research report on Tuesday, August 29th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $65.85.

Cloudflare Trading Down 1.3 %

Shares of NET opened at $62.70 on Thursday. The firm’s 50-day moving average price is $64.86 and its 200-day moving average price is $61.19. The firm has a market capitalization of $20.95 billion, a price-to-earnings ratio of -93.57 and a beta of 0.94. The company has a current ratio of 3.84, a quick ratio of 3.84 and a debt-to-equity ratio of 2.00. Cloudflare has a 1-year low of $37.37 and a 1-year high of $76.07.

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

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $63.01, for a total value of $3,300,715.84. Following the completion of the transaction, the chief executive officer now directly owns 10,723 shares in the company, valued at $675,656.23. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Carl Ledbetter sold 30,191 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $63.28, for a total value of $1,910,486.48. Following the transaction, the director now owns 1,826,619 shares of the company’s stock, valued at $115,588,450.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $63.01, for a total transaction of $3,300,715.84. Following the completion of the transaction, the chief executive officer now directly owns 10,723 shares in the company, valued at approximately $675,656.23. The disclosure for this sale can be found here. Insiders sold a total of 654,883 shares of company stock worth $42,008,576 over the last three months. 14.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System raised its stake in Cloudflare by 1.7% during the second quarter. California State Teachers Retirement System now owns 444,650 shares of the company’s stock valued at $29,067,000 after purchasing an additional 7,305 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in Cloudflare by 5.4% during the second 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 raised its stake in Cloudflare by 8.5% during the second 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. raised its stake in Cloudflare by 50.5% during the second quarter. Alliancebernstein L.P. now owns 158,310 shares of the company’s stock valued at $10,349,000 after purchasing an additional 53,129 shares in the last quarter. Finally, Lountzis Asset Management LLC purchased a new stake in shares of Cloudflare in the second quarter valued at $891,000. Hedge funds and other institutional investors own 73.14% of the company’s stock.

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.