Cloudflare (NYSE:NET) Price Target Cut to $94.00

Cloudflare (NYSE:NET) had its target price lowered by investment analysts at KeyCorp from $132.00 to $94.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price would suggest a potential upside of 26.34% from the stock’s current price.

Several other research analysts also recently weighed in on NET. Royal Bank of Canada boosted their target price on Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a research note on Friday, February 9th. Susquehanna boosted their price target on Cloudflare from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. TD Cowen decreased their price objective on shares of Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Friday. Sanford C. Bernstein started coverage on shares of Cloudflare in a research note on Thursday, January 18th. They set a “market perform” rating and a $85.00 price objective for the company. Finally, DZ Bank downgraded Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price on the stock. in a research report on Tuesday, February 13th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $90.17.

Cloudflare Stock Performance

NET stock opened at $74.40 on Friday. The firm has a 50-day simple moving average of $93.67 and a two-hundred day simple 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. Cloudflare has a one year low of $39.90 and a one year high of $116.00. The firm has a market cap of $25.12 billion, a price-to-earnings ratio of -140.38 and a beta of 1.15.

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

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 50,000 shares of Cloudflare stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the transaction, the chief financial officer now owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the completion of the transaction, the insider now directly owns 205,238 shares of the company’s stock, valued at approximately $20,449,914.32. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 50,000 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the transaction, the chief financial officer now owns 366,465 shares in the company, valued at approximately $40,351,461.15. The disclosure for this sale can be found here. Insiders sold a total of 1,029,347 shares of company stock valued at $100,594,226 in the last three months. 12.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Large investors have recently added to or reduced their stakes in the stock. Cigna Investments Inc. New raised its holdings in shares of Cloudflare by 4.2% during the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock valued at $307,000 after acquiring an additional 129 shares during the last quarter. Yousif Capital Management LLC raised its stake in Cloudflare by 4.0% in the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock valued at $283,000 after purchasing an additional 130 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in Cloudflare by 0.5% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock valued at $2,278,000 after purchasing an additional 132 shares in the last quarter. Quent Capital LLC lifted its holdings in Cloudflare by 8.1% in the 4th quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock valued at $156,000 after purchasing an additional 140 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cloudflare by 34.4% during the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after purchasing an additional 171 shares during the last quarter. 82.68% of the stock is currently 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.