Cloudflare (NYSE:NET) Sets New 52-Week High After Analyst Upgrade

Cloudflare, Inc. (NYSE:NET)’s stock price hit a new 52-week high during mid-day trading on Monday after Scotiabank raised their price target on the stock from $135.00 to $200.00. Scotiabank currently has a sector perform rating on the stock. Cloudflare traded as high as $211.75 and last traded at $208.69, with a volume of 2220409 shares trading hands. The stock had previously closed at $200.11.

A number of other research analysts also recently issued reports on the company. Robert W. Baird boosted their price objective on Cloudflare from $148.00 to $175.00 and gave the company a “neutral” rating in a research note on Friday, July 25th. JMP Securities boosted their price target on Cloudflare from $180.00 to $225.00 and gave the stock a “market outperform” rating in a report on Monday, July 28th. Mizuho boosted their price target on Cloudflare from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday. Guggenheim boosted their price target on Cloudflare from $70.00 to $111.00 and gave the stock a “sell” rating in a report on Friday. Finally, Needham & Company LLC boosted their price target on Cloudflare from $200.00 to $240.00 and gave the stock a “buy” rating in a report on Friday. 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 company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $186.88.

Insider Activity at Cloudflare

In related news, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $199.85, for a total transaction of $2,997,750.00. Following the sale, the director owned 1,043,073 shares in the company, valued at approximately $208,458,139.05. This represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $190.68, for a total value of $4,889,225.88. Following the sale, the insider owned 6,390 shares in the company, valued at $1,218,445.20. The trade was a 80.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 691,062 shares of company stock worth $122,093,547 in the last ninety days. Corporate insiders own 10.89% of the company’s stock.

Institutional Trading of Cloudflare

Several hedge funds and other institutional investors have recently bought and sold shares of NET. Mather Group LLC. raised its holdings in Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company’s stock valued at $25,000 after buying an additional 202 shares during the period. NBC Securities Inc. bought a new position in Cloudflare in the 1st quarter valued at $27,000. GPS Wealth Strategies Group LLC grew its position in Cloudflare by 213.4% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock valued at $29,000 after acquiring an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in Cloudflare by 115.4% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after acquiring an additional 142 shares during the last quarter. Finally, Quaker Wealth Management LLC grew its position in Cloudflare by 218.6% in the 2nd quarter. Quaker Wealth Management LLC now owns 166 shares of the company’s stock valued at $33,000 after acquiring an additional 306 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Up 4.2%

The company has a 50-day simple moving average of $185.49 and a 200 day simple moving average of $150.17. The company has a market cap of $72.25 billion, a P/E ratio of -613.09 and a beta of 1.84. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.18 by $0.03. The company had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. Cloudflare’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 EPS. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.