Cloudflare (NYSE:NET) Price Target Raised to $235.00

Cloudflare (NYSE:NET) had its price objective hoisted by Morgan Stanley from $225.00 to $235.00 in a research report released on Friday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other research firms have also weighed in on NET. Citigroup reaffirmed an “outperform” rating on shares of Cloudflare in a research report on Monday, July 28th. UBS Group boosted their price target on Cloudflare from $145.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Guggenheim boosted their price target on Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a research report on Friday, May 9th. Mizuho boosted their price target on Cloudflare from $155.00 to $220.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Finally, Capital One Financial raised Cloudflare from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 8th. Three investment 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $186.88.

Cloudflare Stock Down 3.5%

NET stock opened at $200.46 on Friday. The company has a market cap of $69.48 billion, a price-to-earnings ratio of -589.59 and a beta of 1.84. Cloudflare has a twelve month low of $69.26 and a twelve month high of $211.27. The business has a 50 day moving average price of $184.49 and a two-hundred day moving average price of $149.53. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET) last posted its quarterly 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. The firm had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The business’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 EPS. Analysts anticipate that Cloudflare will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Thomas J. Seifert sold 59,130 shares of the business’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $200.30, for a total value of $11,843,739.00. Following the completion of the sale, the chief financial officer directly owned 241,550 shares in the company, valued at $48,382,465. The trade was a 19.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 34,270 shares of the business’s 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 688,062 shares of company stock worth $121,498,887 over the last three months. 10.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC acquired a new position in Cloudflare in the 2nd quarter valued at $38,530,000. Howard Capital Management Inc. raised its holdings in Cloudflare by 16.5% in the 2nd quarter. Howard Capital Management Inc. now owns 2,076 shares of the company’s stock valued at $407,000 after acquiring an additional 294 shares in the last quarter. Reliant Investment Partners LLC acquired a new position in Cloudflare in the 2nd quarter valued at $640,000. Motley Fool Asset Management LLC raised its holdings 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 acquiring an additional 1,691 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of Cloudflare by 7.5% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,128 shares of the company’s stock worth $13,146,000 after buying an additional 4,700 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

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.