Cloudflare (NYSE:NET) Stock Rating Upgraded by KeyCorp

Cloudflare (NYSE:NET) was upgraded by equities research analysts at KeyCorp to an “overweight” rating in a report released on Thursday, Marketbeat.com reports. The brokerage currently has a $210.00 price target on the stock. KeyCorp’s target price points to a potential upside of 16.86% from the stock’s previous close. KeyCorp also issued estimates for Cloudflare’s FY2029 earnings at $1.10 EPS.

A number of other analysts have also recently weighed in on NET. Stifel Nicolaus increased their target price on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Jefferies Financial Group cut their price objective on Cloudflare from $170.00 to $150.00 and set a “hold” rating for the company in a report on Friday, May 9th. DZ Bank cut shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price for the company. in a report on Tuesday, February 11th. CICC Research raised Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price target on the stock in a research note on Monday, May 12th. Finally, Needham & Company LLC raised their price objective on shares of Cloudflare from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $145.92.

Cloudflare Stock Performance

NYSE NET opened at $179.70 on Thursday. The firm has a market capitalization of $62.29 billion, a P/E ratio of -816.82 and a beta of 1.78. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a 1-year low of $69.26 and a 1-year high of $181.81. The business’s 50-day simple moving average is $132.42 and its 200-day simple moving average is $127.31.

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

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total transaction of $5,284,497.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $130.85, for a total value of $3,354,994.00. Following the transaction, the insider now directly owns 413,413 shares in the company, valued at approximately $54,095,091.05. This represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 555,368 shares of company stock worth $74,642,157 over the last quarter. 12.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Several institutional investors and hedge funds have recently bought and sold shares of the business. Groupama Asset Managment bought a new position in Cloudflare in the 4th quarter worth about $269,200,000. Norges Bank bought a new position in shares of Cloudflare in the fourth quarter worth about $249,544,000. American Century Companies Inc. lifted its holdings in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after purchasing an additional 1,017,399 shares in the last quarter. Fred Alger Management LLC increased its stake in Cloudflare by 856.3% in the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock worth $100,604,000 after buying an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after purchasing an additional 804,059 shares in the last quarter. Hedge funds and other institutional investors 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.