Cloudflare (NYSE:NET) PT Lowered to $105.00

Cloudflare (NYSE:NET) had its target price trimmed by Wells Fargo & Company from $125.00 to $105.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently commented on NET. Needham & Company LLC reiterated a buy rating and issued a $135.00 target price on shares of Cloudflare in a research note on Friday. Morgan Stanley lifted their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the stock an equal weight rating in a research note on Monday, February 12th. Sanford C. Bernstein started coverage on Cloudflare in a research report on Thursday, January 18th. They issued a market perform rating and a $85.00 target price on the stock. TD Cowen lowered their price target on Cloudflare from $117.00 to $110.00 and set a buy rating for the company in a research report on Friday. Finally, JPMorgan Chase & Co. cut their price objective on Cloudflare from $90.00 to $80.00 and set a neutral rating on the stock in a report on Friday. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of Hold and an average target price of $90.17.

Cloudflare Stock Performance

Cloudflare stock opened at $74.40 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. The business has a fifty day moving average of $93.67 and a two-hundred day moving average of $83.75. Cloudflare has a twelve month low of $39.90 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The firm had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. On average, research analysts predict that Cloudflare will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total transaction of $264,360.00. Following the completion of the sale, the insider now owns 205,238 shares of the company’s stock, valued at $18,085,572.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the transaction, the director now directly owns 1,446,957 shares in the company, valued at $117,811,238.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently made changes to their positions in the company. Riverview Trust Co purchased a new stake in shares of Cloudflare during the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC boosted its stake in Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth $38,000. GAMMA Investing LLC acquired a new stake in shares of Cloudflare in the fourth quarter valued at about $39,000. Finally, Pingora Partners LLC purchased a new position in shares of Cloudflare in the fourth quarter worth about $42,000. Institutional investors and hedge funds own 82.68% 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, script management, security center, and rate limiting products.