Cloudflare’s (NET) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cloudflare (NYSE:NET) in a research report released on Friday morning, Benzinga reports. Needham & Company LLC currently has a $135.00 price objective on the stock.

Other analysts have also recently issued reports about the stock. Capital One Financial started coverage on Cloudflare in a report on Wednesday, January 17th. They set an equal weight rating and a $83.00 price objective for the company. JMP Securities upped their price target on Cloudflare from $75.00 to $90.00 and gave the stock a market outperform rating in a research note on Wednesday, January 31st. Royal Bank of Canada boosted their target price on Cloudflare from $95.00 to $108.00 and gave the stock an outperform rating in a report on Friday, February 9th. Robert W. Baird cut their price target on shares of Cloudflare from $100.00 to $94.00 and set an outperform rating on the stock in a report on Friday. Finally, Wells Fargo & Company boosted their price objective on shares of Cloudflare from $95.00 to $125.00 and gave the stock an overweight 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $90.13.

Cloudflare Stock Performance

Cloudflare stock opened at $74.29 on Friday. The stock has a fifty day moving average price of $93.17 and a 200 day moving average price of $83.83. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a 52 week low of $44.60 and a 52 week high of $116.00. The firm has a market capitalization of $25.08 billion, a P/E ratio of -140.17 and a beta of 1.15.

Cloudflare (NYSE:NET) last posted its quarterly earnings data 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 net margin of 13.10% and a negative return on equity of 12.78%. The company had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Equities research analysts anticipate that Cloudflare will post -0.2 earnings per share for the current year.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the sale, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at approximately $25,036,551.93. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $99.64, for a total value of $298,920.00. Following the sale, the insider now directly owns 205,238 shares in the company, valued at approximately $20,449,914.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $73.97, for a total value of $1,109,550.00. Following the sale, the chief financial officer now directly owns 338,469 shares in the company, valued at approximately $25,036,551.93. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,044,347 shares of company stock valued at $101,703,776. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC raised its stake in shares of Cloudflare by 302.5% during the first quarter. SG Americas Securities LLC now owns 25,174 shares of the company’s stock valued at $2,438,000 after purchasing an additional 18,919 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Cloudflare by 24.3% in the 1st quarter. Empowered Funds LLC now owns 3,528 shares of the company’s stock worth $342,000 after acquiring an additional 689 shares during the period. AIA Group Ltd boosted its holdings in shares of Cloudflare by 33.4% in the first quarter. AIA Group Ltd now owns 23,352 shares of the company’s stock valued at $2,261,000 after acquiring an additional 5,848 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Cloudflare during the first quarter valued at approximately $729,000. Finally, Geneos Wealth Management Inc. raised its holdings in Cloudflare by 13.3% during the first quarter. Geneos Wealth Management Inc. now owns 13,457 shares of the company’s stock worth $1,303,000 after purchasing an additional 1,583 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

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.