Morgan Stanley Reaffirms Equal Weight Rating for Cloudflare (NYSE:NET)

Morgan Stanley reissued their equal weight rating on shares of Cloudflare (NYSE:NET) in a research note issued to investors on Monday, Benzinga reports. They currently have a $92.00 price target on the stock.

Other equities research analysts also recently issued research reports about the company. KeyCorp dropped their target price on Cloudflare from $132.00 to $94.00 and set an overweight rating for the company in a research report on Friday, May 3rd. The Goldman Sachs Group lowered their target price on Cloudflare from $77.00 to $68.00 and set a sell rating for the company in a research note on Tuesday, June 4th. TD Cowen cut their price target on Cloudflare from $117.00 to $110.00 and set a buy rating on the stock in a report on Friday, May 3rd. Susquehanna reduced their target price on shares of Cloudflare from $115.00 to $80.00 and set a neutral rating for the company in a report on Monday, May 6th. Finally, Royal Bank of Canada dropped their price objective on Cloudflare from $108.00 to $90.00 and set an outperform rating on the stock in a research note on Friday, May 31st. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Cloudflare presently has an average rating of Hold and an average target price of $90.70.

Cloudflare Trading Down 0.8 %

Shares of NET stock opened at $78.46 on Monday. The company has a market capitalization of $26.66 billion, a P/E ratio of -148.04 and a beta of 1.08. Cloudflare has a 12-month low of $53.88 and a 12-month high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a 50-day moving average price of $77.95 and a 200 day moving average price of $85.26.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The company had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. Research analysts forecast that Cloudflare will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other news, Director Carl Ledbetter sold 9,993 shares of the business’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $100.16, for a total transaction of $1,000,898.88. Following the sale, the director now owns 1,275,004 shares in the company, valued at $127,704,400.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Katrin Suder sold 574 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total transaction of $38,521.14. Following the completion of the sale, the director now owns 51,162 shares of the company’s stock, valued at $3,433,481.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 9,993 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $100.16, for a total value of $1,000,898.88. Following the sale, the director now owns 1,275,004 shares of the company’s stock, valued at $127,704,400.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 662,119 shares of company stock valued at $54,101,374. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Institutional investors and hedge funds have recently bought and sold shares of the company. Rafferty Asset Management LLC boosted its holdings in shares of Cloudflare by 12.5% in the 3rd quarter. Rafferty Asset Management LLC now owns 43,139 shares of the company’s stock valued at $2,719,000 after buying an additional 4,795 shares in the last quarter. Korea Investment CORP raised its holdings in shares of Cloudflare by 36.9% in the third quarter. Korea Investment CORP now owns 52,330 shares of the company’s stock valued at $3,299,000 after buying an additional 14,097 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cloudflare during the third quarter worth about $569,000. WINTON GROUP Ltd purchased a new position in shares of Cloudflare during the third quarter worth about $260,000. Finally, CenterBook Partners LP acquired a new position in Cloudflare in the 3rd quarter valued at about $1,501,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.