Robert W. Baird Cuts Cloudflare (NYSE:NET) Price Target to $94.00

Cloudflare (NYSE:NET) had its target price cut by Robert W. Baird from $100.00 to $94.00 in a report released on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also issued research reports about the company. Sanford C. Bernstein began coverage on Cloudflare in a research note on Thursday, January 18th. They set a market perform rating and a $85.00 price objective for the company. Truist Financial increased their price objective on Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a report on Friday, February 9th. Morgan Stanley upped their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the stock an equal weight rating in a report on Monday, February 12th. JPMorgan Chase & Co. lifted their target price on shares of Cloudflare from $53.00 to $90.00 and gave the company a neutral rating in a report on Friday, February 9th. Finally, DZ Bank downgraded Cloudflare from a buy rating to a hold rating and set a $110.00 price target on the stock. in a research note on Tuesday, February 13th. Four equities research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $90.13.

Cloudflare Trading Down 0.1 %

Shares of NET stock traded down $0.10 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 company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. The stock has a market capitalization of $25.09 billion, a price-to-earnings ratio of -141.34 and a beta of 1.15. The company’s fifty day simple moving average is $93.67 and its 200 day simple moving average is $83.75. Cloudflare has a one year low of $44.60 and a one year high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping 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 firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Equities analysts forecast that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now owns 205,238 shares of the company’s stock, valued at $20,449,914.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction 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 approximately $117,811,238.94. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $99.64, for a total value of $298,920.00. Following the completion of the sale, the insider now owns 205,238 shares of the company’s stock, valued at $20,449,914.32. The disclosure for this sale can be found here. Insiders sold 1,029,347 shares of company stock valued at $100,594,226 over the last 90 days. Company insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several hedge funds have recently bought and sold shares of the stock. Riverview Trust Co purchased a new position in shares of Cloudflare during the 1st quarter valued at $27,000. Allspring Global Investments Holdings LLC raised its holdings in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the period. ICA Group Wealth Management LLC purchased a new position in shares of Cloudflare in the fourth quarter valued at about $38,000. GAMMA Investing LLC bought a new position in shares of Cloudflare in the fourth quarter worth about $39,000. Finally, Pingora Partners LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $42,000. 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.