Guggenheim Raises Cloudflare (NYSE:NET) Price Target to $57.00

Cloudflare (NYSE:NET) had its target price boosted by Guggenheim from $50.00 to $57.00 in a report published on Friday, Benzinga reports. They currently have a sell rating on the stock.

Other equities research analysts also recently issued research reports about the company. Piper Sandler increased their price objective on Cloudflare from $82.00 to $83.00 and gave the company a neutral rating in a report on Friday. TD Cowen cut 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. Needham & Company LLC reaffirmed a buy rating and set a $135.00 target price on shares of Cloudflare in a research report on Friday. Mizuho lifted their target price on Cloudflare from $88.00 to $92.00 and gave the company a neutral rating in a research report on Tuesday, July 16th. Finally, Susquehanna cut their target price on Cloudflare from $115.00 to $80.00 and set a neutral rating on the stock in a research report on Monday, May 6th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $92.29.

Cloudflare Stock Down 2.0 %

Shares of NYSE NET traded down $1.61 during mid-day trading on Friday, reaching $77.85. 5,118,314 shares of the company traded hands, compared to its average volume of 3,602,673. The company’s fifty day moving average is $77.83 and its two-hundred day moving average is $85.28. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The stock has a market cap of $26.45 billion, a PE ratio of -149.53 and a beta of 1.10. 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 quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. The business had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. The firm’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.12) EPS. On average, analysts expect that Cloudflare will post -0.19 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, Director Carl Ledbetter sold 30,145 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.86, for a total value of $2,196,364.70. Following the sale, the director now directly owns 1,166,648 shares in the company, valued at $85,001,973.28. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Katrin Suder sold 574 shares of the stock in a transaction on Tuesday, June 4th. The stock was 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 in the company, valued at approximately $3,433,481.82. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Carl Ledbetter sold 30,145 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $72.86, for a total value of $2,196,364.70. Following the sale, the director now owns 1,166,648 shares in the company, valued at $85,001,973.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 638,826 shares of company stock worth $49,667,368. 12.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently modified their holdings of NET. Cigna Investments Inc. New boosted its stake in Cloudflare by 4.2% in the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock valued at $307,000 after acquiring an additional 129 shares in the last quarter. Yousif Capital Management LLC boosted its stake in Cloudflare by 4.0% in the fourth quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock valued at $283,000 after acquiring an additional 130 shares in the last quarter. Forum Financial Management LP boosted its stake in Cloudflare by 6.1% in the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock valued at $234,000 after acquiring an additional 162 shares in the last quarter. Soltis Investment Advisors LLC boosted its stake in Cloudflare by 0.5% in the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock valued at $3,041,000 after acquiring an additional 168 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cloudflare by 34.4% in the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock valued at $65,000 after acquiring an additional 171 shares in the last quarter. Institutional investors and hedge funds 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.