Cloudflare (NYSE:NET) Stock Price Expected to Rise, Scotiabank Analyst Says

Cloudflare (NYSE:NET) had its price target upped by analysts at Scotiabank from $85.00 to $87.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential downside of 4.66% from the company’s current price.

Several other research firms have also weighed in on NET. Piper Sandler increased their price objective on shares of Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Wolfe Research initiated coverage on Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Mizuho upped their price objective on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Susquehanna raised their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, BNP Paribas initiated coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $92.88.

Cloudflare Stock Down 4.6 %

Shares of Cloudflare stock opened at $91.25 on Friday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The business has a 50-day moving average price of $84.77 and a 200 day moving average price of $80.69. Cloudflare has a fifty-two week low of $61.34 and a fifty-two week high of $116.00. The firm has a market cap of $31.18 billion, a P/E ratio of -314.66 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. On average, sell-side analysts forecast that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In related news, CAO Janel Riley sold 3,495 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the sale, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the sale, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the transaction, the insider now owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 477,043 shares of company stock valued at $39,737,342 in the last quarter. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its holdings in shares of Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares in the last quarter. Vanguard Group Inc. boosted its position in Cloudflare by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after acquiring an additional 412,864 shares during the period. Capital World Investors grew its stake in Cloudflare by 2.1% during the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after acquiring an additional 584,566 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Cloudflare by 1.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after purchasing an additional 19,446 shares during the period. Finally, Marshall Wace LLP lifted its position in shares of Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after purchasing an additional 855,334 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.