Cloudflare (NYSE:NET) Price Target Cut to $110.00 by Analysts at TD Cowen

Cloudflare (NYSE:NET) had its target price cut by investment analysts at TD Cowen from $117.00 to $110.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 47.85% from the stock’s current price.

Several other research firms have also recently weighed in on NET. Capital One Financial initiated coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective on the stock. Robert W. Baird lowered their price target on Cloudflare from $100.00 to $94.00 and set an “outperform” rating on the stock in a research report on Friday. Cantor Fitzgerald cut their price objective on Cloudflare from $100.00 to $80.00 and set a “neutral” rating for the company in a report on Friday. KeyCorp increased their price objective on Cloudflare from $94.00 to $132.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Finally, Truist Financial upped their target price on Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and an average target price of $90.17.

Cloudflare Price Performance

NYSE:NET opened at $74.40 on Friday. Cloudflare has a 52-week low of $39.90 and a 52-week high of $116.00. The stock has a fifty day moving average of $93.67 and a 200 day moving average of $83.60. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. The firm has a market capitalization of $25.12 billion, a price-to-earnings ratio of -140.38 and a beta of 1.15.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. On average, research analysts expect that Cloudflare will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Michelle Zatlyn sold 277,376 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the transaction, the chief operating officer now owns 38,545 shares in the company, valued at $3,899,597.65. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the sale, the chief executive officer now directly owns 12,183 shares of the company’s stock, valued at approximately $1,152,389.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Michelle Zatlyn sold 277,376 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $101.17, for a total value of $28,062,129.92. Following the completion of the transaction, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at approximately $3,899,597.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,029,347 shares of company stock worth $100,594,226. 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 added to or reduced their stakes in the company. Commonwealth Equity Services LLC lifted its position in Cloudflare by 9.0% during the third quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock valued at $3,588,000 after buying an additional 4,685 shares during the period. Xponance Inc. increased its stake in shares of Cloudflare by 0.6% in the 3rd quarter. Xponance Inc. now owns 40,684 shares of the company’s stock worth $2,565,000 after acquiring an additional 224 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Cloudflare by 27.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after acquiring an additional 3,337 shares during the period. Stratos Wealth Partners LTD. bought a new stake in Cloudflare during the third quarter worth about $372,000. Finally, J.W. Cole Advisors Inc. purchased a new stake in Cloudflare in the third quarter worth about $255,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.