Cloudflare (NYSE:NET) Now Covered by Analysts at Scotiabank

Research analysts at Scotiabank started coverage on shares of Cloudflare (NYSE:NETGet Free Report) in a report released on Monday, Briefing.com reports. The brokerage set a “sector perform” rating and a $85.00 price target on the stock. Scotiabank’s price objective points to a potential downside of 2.25% from the stock’s previous close.

NET has been the subject of several other research reports. Oppenheimer decreased their price target on Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Guggenheim reissued a “sell” rating and issued a $50.00 price target on shares of Cloudflare in a research note on Tuesday, June 25th. Mizuho decreased their price target on Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. decreased their target price on Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Finally, UBS Group raised Cloudflare from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $82.00 in a research note on Tuesday, June 25th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average target price of $90.71.

View Our Latest Research Report on NET

Cloudflare Price Performance

Shares of NYSE NET opened at $86.96 on Monday. Cloudflare has a 1-year low of $53.88 and a 1-year high of $116.00. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The business’s fifty day moving average price is $76.69 and its two-hundred day moving average price is $85.46. The firm has a market capitalization of $29.55 billion, a PE ratio of -164.08 and a beta of 1.10.

Cloudflare (NYSE:NETGet Free Report) last issued its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The firm had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. On average, research analysts expect that Cloudflare will post -0.19 EPS for the current year.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $95.29, for a total value of $4,991,671.36. Following the transaction, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at approximately $21,975,017.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Michelle Zatlyn sold 102,580 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $82.52, for a total value of $8,464,901.60. Following the transaction, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at approximately $17,444,232.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $95.29, for a total value of $4,991,671.36. Following the completion of the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at $21,975,017.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 821,025 shares of company stock valued at $66,626,900. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new stake in Cloudflare in the 1st quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC grew its holdings in shares of 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 in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Cloudflare during the 2nd quarter worth approximately $29,000. ICA Group Wealth Management LLC acquired a new stake in shares of Cloudflare during the 4th quarter worth approximately $38,000. Finally, Versant Capital Management Inc lifted its position in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after buying an additional 421 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Cloudflare (NYSE:NET)

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