Cloudflare (NYSE:NET) Sets New 1-Year High on Analyst Upgrade

Cloudflare, Inc. (NYSE:NET)’s share price hit a new 52-week high during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $200.00 to $225.00. Wells Fargo & Company currently has an overweight rating on the stock. Cloudflare traded as high as $200.77 and last traded at $198.62, with a volume of 1136942 shares traded. The stock had previously closed at $197.35.

A number of other research analysts have also commented on NET. Susquehanna lowered their price objective on shares of Cloudflare from $170.00 to $140.00 and set a “neutral” rating on the stock in a research note on Monday, May 12th. Cowen reaffirmed a “buy” rating on shares of Cloudflare in a research note on Monday, June 16th. Mizuho boosted their target price on shares of Cloudflare from $155.00 to $220.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Guggenheim boosted their price objective on shares of Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a report on Friday, May 9th. Finally, Jefferies Financial Group decreased their price objective on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $155.32.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 41,556 shares of Cloudflare stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $156.78, for a total value of $6,515,149.68. Following the sale, the chief financial officer owned 241,550 shares in the company, valued at $37,870,209. The trade was a 14.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $152.68, for a total value of $7,997,989.12. Following the completion of the transaction, the chief executive officer directly owned 10,426 shares of the company’s stock, valued at approximately $1,591,841.68. This represents a 83.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 581,062 shares of company stock worth $99,070,153. Insiders own 10.89% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently bought and sold shares of NET. Proficio Capital Partners LLC purchased a new stake in Cloudflare in the 4th quarter worth approximately $100,000. Envestnet Portfolio Solutions Inc. grew its holdings in Cloudflare by 17.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 8,870 shares of the company’s stock valued at $955,000 after buying an additional 1,343 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Cloudflare in the fourth quarter valued at $307,000. Whittier Trust Co. grew its holdings in shares of Cloudflare by 120.5% in the fourth quarter. Whittier Trust Co. now owns 602 shares of the company’s stock valued at $65,000 after purchasing an additional 329 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Cloudflare by 19.1% in the fourth quarter. Sei Investments Co. now owns 219,090 shares of the company’s stock valued at $23,592,000 after purchasing an additional 35,198 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

The business’s fifty day moving average is $175.86 and its two-hundred day moving average is $143.68. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $68.56 billion, a PE ratio of -860.06 and a beta of 1.85.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same quarter last year, the firm earned $0.16 EPS. Cloudflare’s revenue for the quarter was up 26.5% on a year-over-year basis. As a group, research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.