Susquehanna Lowers Cloudflare (NYSE:NET) Price Target to $140.00

Cloudflare (NYSE:NET) had its price objective cut by equities research analysts at Susquehanna from $170.00 to $140.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Susquehanna’s price target points to a potential downside of 6.91% from the company’s current price.

Other research analysts have also issued research reports about the company. Truist Financial raised their price objective on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Cantor Fitzgerald raised their price target on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a report on Friday, February 7th. UBS Group lifted their price target on Cloudflare from $135.00 to $145.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Bank of America raised shares of Cloudflare from an “underperform” rating to a “buy” rating and increased their price objective for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $151.00 target price (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $141.79.

Cloudflare Stock Performance

NYSE:NET opened at $150.39 on Monday. Cloudflare has a twelve month low of $66.24 and a twelve month high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s fifty day simple moving average is $116.38 and its 200 day simple moving average is $118.56. The stock has a market cap of $51.90 billion, a P/E ratio of -683.59 and a beta of 1.78.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.16 earnings per share. As a group, research analysts predict that Cloudflare will post -0.11 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 2,311 shares of Cloudflare stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the completion of the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $44,545,250.75. The trade was a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Janel Riley sold 4,327 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. The trade was a 5.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 492,492 shares of company stock valued at $63,757,685 over the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NET. Mather Group LLC. raised its holdings in shares of Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after purchasing an additional 202 shares during the last quarter. NBC Securities Inc. acquired a new position in shares of Cloudflare during the first quarter valued at approximately $27,000. GPS Wealth Strategies Group LLC boosted its holdings in shares of Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock worth $29,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after acquiring an additional 142 shares during the period. Finally, Global Financial Private Client LLC raised its stake in Cloudflare by 38,100.0% during the first quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock worth $43,000 after purchasing an additional 381 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

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.