Scotiabank Increases Cloudflare (NYSE:NET) Price Target to $200.00

Cloudflare (NYSE:NET) had its price objective increased by Scotiabank from $135.00 to $200.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential downside of 0.23% from the company’s previous close.

NET has been the subject of a number of other reports. CICC Research raised shares of Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective for the company in a report on Monday, May 12th. DZ Bank restated a “sell” rating and set a $170.00 target price on shares of Cloudflare in a research report on Tuesday, July 22nd. Cowen reiterated a “buy” rating on shares of Cloudflare in a report on Monday, June 16th. Jefferies Financial Group decreased their price target 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. Finally, Citigroup restated an “outperform” rating on shares of Cloudflare in a research report on Monday, July 28th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of “Moderate Buy” and a consensus price target of $186.88.

Cloudflare Trading Down 3.5%

Shares of NET stock opened at $200.46 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The stock has a fifty day simple moving average of $184.49 and a two-hundred day simple moving average of $149.29. The firm has a market capitalization of $69.48 billion, a PE ratio of -589.59 and a beta of 1.84. Cloudflare has a 52-week low of $69.26 and a 52-week high of $211.27.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. The firm had revenue of $512.32 million during the quarter, compared to analyst estimates of $501.58 million. Cloudflare had a negative return on equity of 8.59% and a negative net margin of 6.22%. The business’s quarterly revenue was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.20 earnings per share. On average, analysts predict that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 15,000 shares of the firm’s stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $199.85, for a total value of $2,997,750.00. Following the completion of the sale, the director owned 1,043,073 shares of the company’s stock, valued at $208,458,139.05. This trade represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 34,270 shares of the company’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $200.17, for a total value of $6,859,825.90. Following the transaction, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $48,351,063.50. This represents a 12.42% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 688,062 shares of company stock worth $121,498,887. 10.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of large investors have recently bought and sold shares of NET. Jennison Associates LLC purchased a new stake in shares of Cloudflare during the second quarter valued at $38,530,000. Howard Capital Management Inc. increased its stake in Cloudflare by 16.5% in the 2nd quarter. Howard Capital Management Inc. now owns 2,076 shares of the company’s stock worth $407,000 after buying an additional 294 shares during the period. Reliant Investment Partners LLC bought a new stake in Cloudflare during the 2nd quarter valued at about $640,000. Motley Fool Asset Management LLC boosted its position in Cloudflare by 10.5% in the 2nd quarter. Motley Fool Asset Management LLC now owns 17,752 shares of the company’s stock valued at $3,476,000 after buying an additional 1,691 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Cloudflare by 7.5% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,128 shares of the company’s stock valued at $13,146,000 after buying an additional 4,700 shares during the period. 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.