Cloudflare (NYSE:NET) PT Raised to $60.00

Cloudflare (NYSE:NET) had its price target lifted by equities researchers at Bank of America from $52.00 to $60.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s target price suggests a potential downside of 19.35% from the stock’s current price.

Several other equities analysts have also issued reports on NET. JPMorgan Chase & Co. boosted their price target on shares of Cloudflare from $53.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Oppenheimer lowered their price target on Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a report on Friday. KeyCorp lifted their price objective on Cloudflare from $94.00 to $132.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Truist Financial increased their target price on Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Mizuho cut their price target on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a research note on Friday. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $90.17.

Cloudflare Trading Down 16.4 %

NYSE NET opened at $74.40 on Friday. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare has a 12 month low of $39.90 and a 12 month high of $116.00. The company has a market capitalization of $25.12 billion, a PE ratio of -140.38 and a beta of 1.15. The stock has a 50-day simple moving average of $93.67 and a 200 day simple moving average of $83.60.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. The company had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. Research analysts forecast that Cloudflare will post -0.2 EPS for the current year.

Insiders Place Their Bets

In other news, Director Carl Ledbetter sold 8,022 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total value of $701,844.78. Following the completion of the sale, the director now owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Carl Ledbetter sold 8,022 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the completion of the sale, the director now directly owns 1,196,793 shares in the company, valued at approximately $104,707,419.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now directly owns 205,238 shares in the company, valued at approximately $20,449,914.32. The disclosure for this sale can be found here. Insiders have sold 1,029,347 shares of company stock valued at $100,594,226 in the last 90 days. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Cloudflare during the fourth quarter worth approximately $221,858,000. 1832 Asset Management L.P. boosted its stake in Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the period. Vanguard Group Inc. grew its holdings in Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after buying an additional 740,914 shares in the last quarter. Capital World Investors increased its position in Cloudflare by 1.8% during the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after buying an additional 487,308 shares during the period. Finally, SpiderRock Advisors LLC acquired a new stake in shares of Cloudflare during the first quarter worth $37,740,000. 82.68% of the stock is owned by institutional investors.

Cloudflare Company Profile

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, script management, security center, and rate limiting products.