Cloudflare (NYSE:NET) Upgraded by UBS Group to Neutral

UBS Group upgraded shares of Cloudflare (NYSE:NET) from a sell rating to a neutral rating in a research note released on Tuesday, MarketBeat Ratings reports. They currently have $82.00 price target on the stock, up from their prior price target of $76.00.

Several other equities analysts have also commented on the stock. Needham & Company LLC reaffirmed a buy rating and set a $135.00 price target on shares of Cloudflare in a research report on Friday, May 31st. JMP Securities restated a market outperform rating and set a $120.00 price objective on shares of Cloudflare in a report on Tuesday, May 14th. JPMorgan Chase & Co. reduced their target price on Cloudflare from $90.00 to $80.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Bank of America upped their price target on Cloudflare from $52.00 to $60.00 and gave the stock an underperform rating in a research note on Friday, May 3rd. Finally, TD Cowen reduced their price objective on Cloudflare from $117.00 to $110.00 and set a buy rating on the stock in a research note on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare presently has an average rating of Hold and an average target price of $90.96.

Cloudflare Price Performance

Shares of NYSE:NET opened at $82.83 on Tuesday. The company has a market cap of $28.14 billion, a P/E ratio of -156.28 and a beta of 1.08. The business has a fifty day simple moving average of $76.89 and a 200-day simple moving average of $85.36. Cloudflare has a 52 week low of $53.88 and a 52 week 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.

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

Insider Buying and Selling

In other Cloudflare news, Director Carl Ledbetter sold 8,030 shares of Cloudflare stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $79.89, for a total transaction of $641,516.70. Following the sale, the director now directly owns 1,084,364 shares in the company, valued at approximately $86,629,839.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 8,030 shares of the firm’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $79.89, for a total transaction of $641,516.70. Following the completion of the transaction, the director now directly owns 1,084,364 shares of the company’s stock, valued at approximately $86,629,839.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $97.16, for a total transaction of $291,480.00. Following the completion of the sale, the insider now directly owns 205,238 shares of the company’s stock, valued at approximately $19,940,924.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 700,796 shares of company stock worth $56,919,603. 12.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Cloudflare during the 4th quarter valued at approximately $221,858,000. 1832 Asset Management L.P. raised its holdings in shares of Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after purchasing an additional 1,597,900 shares during the period. Vanguard Group Inc. lifted its position in shares of Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after buying an additional 740,914 shares during the last quarter. Capital World Investors boosted its holdings in shares of Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after buying an additional 584,566 shares during the period. Finally, SpiderRock Advisors LLC bought a new stake in shares of Cloudflare during the 1st quarter valued at about $37,740,000. 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.