Cloudflare (NYSE:NET) Price Target Raised to $199.00

Cloudflare (NYSE:NET) had its target price lifted by Cantor Fitzgerald from $162.00 to $199.00 in a research report sent to investors on Friday,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the stock.

NET has been the topic of several other reports. Cowen reaffirmed a “buy” rating on shares of Cloudflare in a research report on Monday, June 16th. Mizuho raised their price target on Cloudflare from $155.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Wells Fargo & Company raised their price target on Cloudflare from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 21st. 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 report on Monday, May 12th. Finally, Citigroup reissued an “outperform” rating on shares of Cloudflare in a report on Monday, July 28th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.88.

Cloudflare Price Performance

Shares of NYSE NET opened at $200.46 on Friday. Cloudflare has a 1-year low of $69.26 and a 1-year high of $211.27. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14. The business’s fifty day moving average price is $184.49 and its two-hundred day moving average price is $149.53. The firm has a market capitalization of $69.48 billion, a PE ratio of -589.59 and a beta of 1.84.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The firm had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. During the same period last year, the company earned $0.20 earnings per share. The firm’s revenue for the quarter was up 27.8% on a year-over-year basis. On average, research analysts expect that Cloudflare will post -0.11 EPS for the current year.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $171.25, for a total value of $8,970,760.00. Following the completion of the transaction, the chief executive officer owned 381,213 shares in the company, valued at $65,282,726.25. This trade represents a 12.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 34,270 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer owned 241,550 shares of the company’s stock, valued at $48,351,063.50. This trade represents a 12.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 688,062 shares of company stock worth $121,498,887. Company insiders own 10.89% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Orion Portfolio Solutions LLC acquired a new stake in Cloudflare during the 4th quarter worth about $216,000. Arrowstreet Capital Limited Partnership boosted its position in Cloudflare by 339.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 232,136 shares of the company’s stock worth $24,996,000 after acquiring an additional 179,303 shares during the period. CIBC Private Wealth Group LLC boosted its position in Cloudflare by 3.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,032 shares of the company’s stock worth $582,000 after acquiring an additional 155 shares during the period. O Shaughnessy Asset Management LLC boosted its position in Cloudflare by 16.6% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 23,992 shares of the company’s stock worth $2,583,000 after acquiring an additional 3,411 shares during the period. Finally, Wellington Management Group LLP boosted its position in Cloudflare by 47.0% during the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company’s stock worth $639,000 after acquiring an additional 1,896 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.