Mizuho Cuts Cloudflare (NYSE:NET) Price Target to $88.00

Cloudflare (NYSE:NET) had its price target reduced by Mizuho from $95.00 to $88.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

NET has been the topic of several other research reports. Truist Financial boosted their price objective on Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a report on Friday, February 9th. Susquehanna boosted their price target on shares of Cloudflare from $75.00 to $115.00 and gave the stock a neutral rating in a research note on Friday, February 9th. 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 note on Tuesday, February 13th. JPMorgan Chase & Co. upped their target price on shares of Cloudflare from $53.00 to $90.00 and gave the stock a neutral rating in a research note on Friday, February 9th. Finally, Cantor Fitzgerald reiterated a neutral rating and set a $100.00 target price on shares of Cloudflare in a report on Wednesday, April 17th. Four 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. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of Hold and an average target price of $90.13.

Cloudflare Trading Down 0.1 %

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

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. As a group, sell-side analysts forecast that Cloudflare will post -0.2 EPS for the current fiscal year.

Insider Activity

In other Cloudflare news, COO Michelle Zatlyn sold 277,376 shares of Cloudflare stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the transaction, the chief operating officer now directly owns 38,545 shares in the company, valued at $3,899,597.65. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction 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 sale, the insider now directly owns 205,238 shares of the company’s stock, valued at $20,449,914.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Michelle Zatlyn sold 277,376 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were 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 directly owns 38,545 shares in the company, valued at $3,899,597.65. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Deutsche Bank AG lifted its position in Cloudflare by 5.1% in the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Cloudflare during the 3rd quarter worth approximately $569,000. International Assets Investment Management LLC acquired a new stake in shares of Cloudflare in the 4th quarter valued at approximately $11,639,000. Blueshift Asset Management LLC boosted its stake in shares of Cloudflare by 100.2% in the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after buying an additional 12,974 shares in the last quarter. Finally, LA Financiere DE L Echiquier grew its holdings in Cloudflare by 4.5% during the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $33,937,000 after acquiring an additional 17,600 shares during the period. Hedge funds and other institutional investors 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.