Mizuho Trims Cloudflare (NYSE:NET) Target Price to $88.00

Cloudflare (NYSE:NET) had its price objective decreased by Mizuho from $95.00 to $88.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Mizuho’s target price would suggest a potential upside of 18.28% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Needham & Company LLC upped their price target on Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Wells Fargo & Company raised their target price on Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Truist Financial boosted their price target on shares of Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Capital One Financial assumed coverage on shares of Cloudflare in a research note on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their target price on shares of Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $90.17.

Cloudflare Stock Down 16.4 %

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

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

Insider Activity

In other Cloudflare news, insider Douglas James Kramer sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.08, for a total transaction of $660,480.00. Following the sale, the insider now owns 216,114 shares of the company’s stock, valued at $23,789,829.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Carl Ledbetter sold 8,022 shares of the company’s stock in a transaction dated 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 directly owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the transaction, the insider now directly owns 216,114 shares in the company, valued at approximately $23,789,829.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently modified their holdings of the business. Deutsche Bank AG grew its position in Cloudflare by 5.1% during the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after purchasing an additional 65,596 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Cloudflare during the third quarter worth about $569,000. International Assets Investment Management LLC acquired a new position in Cloudflare in the 4th quarter valued at about $11,639,000. Blueshift Asset Management LLC raised its stake in Cloudflare by 100.2% during the 3rd quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after acquiring an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier lifted its position in Cloudflare by 4.5% during the 4th quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $33,937,000 after acquiring an additional 17,600 shares during the period. 82.68% of the stock is currently owned by hedge funds and other 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.