Cloudflare (NYSE:NET) Price Target Lowered to $76.00 at UBS Group

Cloudflare (NYSE:NET) had its price objective reduced by UBS Group from $88.00 to $76.00 in a research report released on Friday, Benzinga reports. They currently have a sell rating on the stock.

NET has been the subject of a number of other research reports. DZ Bank lowered shares of Cloudflare from a buy rating to a hold rating and set a $110.00 price objective for the company. in a research report on Tuesday, February 13th. Wells Fargo & Company cut their price target on Cloudflare from $125.00 to $105.00 and set an overweight rating for the company in a report on Friday. Royal Bank of Canada raised their price objective on Cloudflare from $95.00 to $108.00 and gave the stock an outperform rating in a research report on Friday, February 9th. KeyCorp lowered their price objective on Cloudflare from $132.00 to $94.00 and set an overweight rating on the stock in a research report on Friday. Finally, Cantor Fitzgerald reduced their target price on Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research report on Friday. 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 company’s stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $90.13.

Cloudflare Stock Performance

NYSE:NET traded down $0.10 during mid-day trading on Friday, hitting $74.30. 6,403,901 shares of the company’s stock traded hands, compared to its average volume of 3,950,150. The firm has a market capitalization of $25.09 billion, a price-to-earnings ratio of -141.34 and a beta of 1.15. The firm has a 50 day moving average of $93.67 and a two-hundred day moving average of $83.75. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a 12 month low of $44.60 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. 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 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In related news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the sale, the director now owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Thomas J. Seifert sold 50,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the sale, the chief financial officer now owns 366,465 shares of the company’s stock, valued at approximately $40,351,461.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,029,347 shares of company stock worth $100,594,226. Corporate insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC grew its position in shares of Cloudflare by 9.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock valued at $3,588,000 after purchasing an additional 4,685 shares during the period. Xponance Inc. lifted its stake in Cloudflare by 0.6% in the third quarter. Xponance Inc. now owns 40,684 shares of the company’s stock valued at $2,565,000 after buying an additional 224 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Cloudflare by 27.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after buying an additional 3,337 shares during the period. Stratos Wealth Partners LTD. bought a new stake in shares of Cloudflare during the third quarter worth $372,000. Finally, J.W. Cole Advisors Inc. acquired a new stake in shares of Cloudflare during the third quarter worth $255,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.