Cloudflare (NYSE:NET) Price Target Raised to $85.00

Cloudflare (NYSE:NET) had its price objective upped by Cantor Fitzgerald from $80.00 to $85.00 in a report issued on Friday, Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. lowered their price objective on Cloudflare from $90.00 to $80.00 and set a neutral rating for the company in a research note on Friday, May 3rd. Wolfe Research started coverage on Cloudflare in a research note on Tuesday, July 16th. They issued a peer perform rating for the company. KeyCorp reduced their target price on Cloudflare from $132.00 to $94.00 and set an overweight rating on the stock in a report on Friday, May 3rd. JMP Securities reiterated a market outperform rating and issued a $120.00 target price on shares of Cloudflare in a report on Tuesday, May 14th. Finally, Piper Sandler upped their target price on Cloudflare from $81.00 to $82.00 and gave the company a neutral rating in a report on Monday, July 15th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $92.08.

Cloudflare Price Performance

NYSE NET traded up $5.06 during trading on Friday, hitting $79.46. 10,348,642 shares of the company’s stock were exchanged, compared to its average volume of 2,542,594. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The company has a market cap of $27.00 billion, a PE ratio of -149.94 and a beta of 1.10. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The stock’s 50 day moving average price is $77.83 and its two-hundred day moving average price is $85.17.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $378.60 million during the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. Research analysts expect that Cloudflare will post -0.19 EPS for the current year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total transaction of $231,510.00. Following the sale, the insider now directly owns 195,303 shares in the company, valued at approximately $15,071,532.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total transaction of $231,510.00. Following the sale, the insider now directly owns 195,303 shares in the company, valued at approximately $15,071,532.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $78.89, for a total value of $1,183,350.00. Following the sale, the chief financial officer now owns 309,937 shares in the company, valued at $24,450,929.93. The disclosure for this sale can be found here. Insiders have sold 691,210 shares of company stock worth $53,578,881 in the last ninety days. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NET. Norges Bank purchased a new position in Cloudflare during the 4th quarter valued at about $221,858,000. Baillie Gifford & Co. grew its holdings in Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after buying an additional 2,575,396 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in Cloudflare by 121.2% during 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 in the last quarter. Vanguard Group Inc. grew its holdings in shares of Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after purchasing an additional 740,914 shares in the last quarter. Finally, Capital World Investors grew its holdings in shares of Cloudflare by 2.1% during the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after purchasing an additional 584,566 shares in the last quarter. 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.