Cloudflare (NYSE:NET) PT Lowered to $90.00

Cloudflare (NYSE:NET) had its price objective reduced by stock analysts at Citigroup from $95.00 to $90.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 22.72% from the stock’s current price.

Several other analysts also recently issued reports on NET. Morgan Stanley upped their price objective on Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a research report on Monday, February 12th. Bank of America raised their price target on shares of Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a report on Friday, May 3rd. Needham & Company LLC reissued a “buy” rating and set a $135.00 price target on shares of Cloudflare in a research report on Friday, May 3rd. DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Tuesday. Finally, Wells Fargo & Company reduced their price target on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and an average target price of $90.57.

Cloudflare Stock Performance

Cloudflare stock traded up $0.89 during midday trading on Thursday, hitting $73.34. 2,498,540 shares of the company’s stock were exchanged, compared to its average volume of 3,934,175. Cloudflare has a 12-month low of $47.79 and a 12-month high of $116.00. The stock has a market cap of $24.76 billion, a price-to-earnings ratio of -138.98 and a beta of 1.15. The firm’s 50 day simple moving average is $92.19 and its 200 day simple moving average is $83.85. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Equities research analysts predict that Cloudflare will post -0.2 EPS for the current year.

Insider Activity at Cloudflare

In other 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 transaction of $28,062,129.92. Following the transaction, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cloudflare news, COO Michelle Zatlyn sold 277,376 shares of Cloudflare stock in a transaction that occurred 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 owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 50,000 shares of the company’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 completion of the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,141,153 shares of company stock worth $108,765,387. 12.83% of the stock is owned by insiders.

Institutional Trading of Cloudflare

Several hedge funds and other institutional investors have recently modified their holdings of NET. Norges Bank acquired a new position in Cloudflare during the 4th quarter worth approximately $221,858,000. 1832 Asset Management L.P. raised its holdings in Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Vanguard Group Inc. increased its position in Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares during the period. Capital World Investors lifted its holdings in shares of Cloudflare by 1.8% during the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after purchasing an additional 487,308 shares during the period. Finally, SpiderRock Advisors LLC acquired a new stake in Cloudflare in the first quarter valued at $37,740,000. Institutional investors own 82.68% of the company’s stock.

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.