Cloudflare (NYSE:NET) Trading 6.8% Higher After Analyst Upgrade

Cloudflare, Inc. (NYSE:NET) shares shot up 6.8% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $134.42 and last traded at $135.09. 1,596,347 shares changed hands during trading, a decline of 40% from the average session volume of 2,648,176 shares. The stock had previously closed at $126.47.

NET has been the subject of several other reports. Mizuho increased their price objective on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and increased their price objective for the stock from $77.00 to $140.00 in a research note on Thursday, January 2nd. UBS Group increased their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Piper Sandler increased their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Stifel Nicolaus upgraded Cloudflare from a “hold” rating to a “buy” rating and increased their target price for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $109.72.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $123.75, for a total value of $3,172,950.00. Following the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $21,403,676.25. This represents a 12.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the sale, the chief executive officer now directly owns 192,177 shares in the company, valued at approximately $18,370,199.43. This represents a 21.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 641,132 shares of company stock valued at $69,429,058. 12.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently bought and sold shares of the company. CVA Family Office LLC boosted its stake in shares of Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the period. Quarry LP boosted its stake in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Cloudflare during the 3rd quarter worth approximately $38,000. Versant Capital Management Inc boosted its stake in shares of Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after acquiring an additional 217 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Price Performance

The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a 50 day moving average price of $111.39 and a 200 day moving average price of $93.18. The company has a market capitalization of $46.68 billion, a P/E ratio of -521.27 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, equities analysts predict that Cloudflare, Inc. will post -0.1 EPS for the current fiscal 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.