Cloudflare (NYSE:NET) Shares Up 3.8%

Shares of Cloudflare, Inc. (NYSE:NETGet Rating) shot up 3.8% during trading on Wednesday . The stock traded as high as $63.77 and last traded at $63.48. 90,231 shares traded hands during trading, a decline of 98% from the average session volume of 3,930,754 shares. The stock had previously closed at $61.13.

Analysts Set New Price Targets

Several research firms recently commented on NET. Evercore ISI dropped their price target on shares of Cloudflare from $110.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 28th. Citigroup lifted their target price on shares of Cloudflare to $62.00 in a research report on Monday, August 15th. Piper Sandler lifted their target price on shares of Cloudflare from $57.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. Guggenheim assumed coverage on shares of Cloudflare in a research report on Friday, August 12th. They issued a “neutral” rating and a $82.00 target price on the stock. Finally, Mizuho lifted their target price on shares of Cloudflare from $76.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $112.57.

Cloudflare Stock Performance

The firm’s 50-day moving average is $61.73 and its 200 day moving average is $71.53. The stock has a market cap of $18.57 billion, a PE ratio of -62.55 and a beta of 1.10. The company has a debt-to-equity ratio of 2.47, a quick ratio of 5.45 and a current ratio of 5.45.

Cloudflare (NYSE:NETGet Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.07). The business had revenue of $234.52 million during the quarter, compared to analysts’ expectations of $227.52 million. Cloudflare had a negative net margin of 35.66% and a negative return on equity of 23.62%. As a group, research analysts anticipate that Cloudflare, Inc. will post -0.53 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Paul D. Underwood sold 6,000 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $70.00, for a total value of $420,000.00. Following the completion of the transaction, the chief accounting officer now owns 30,030 shares in the company, valued at approximately $2,102,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $78.21, for a total value of $4,096,952.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Paul D. Underwood sold 6,000 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $420,000.00. Following the completion of the sale, the chief accounting officer now directly owns 30,030 shares in the company, valued at $2,102,100. The disclosure for this sale can be found here. In the last quarter, insiders sold 320,304 shares of company stock worth $20,817,806. 15.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Cloudflare by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock worth $2,795,953,000 after purchasing an additional 548,149 shares during the last quarter. Capital World Investors boosted its stake in shares of Cloudflare by 50.2% during the 1st quarter. Capital World Investors now owns 17,046,464 shares of the company’s stock worth $2,040,462,000 after purchasing an additional 5,698,601 shares during the last quarter. Sands Capital Management LLC boosted its stake in shares of Cloudflare by 15.4% during the 2nd quarter. Sands Capital Management LLC now owns 15,643,953 shares of the company’s stock worth $684,423,000 after purchasing an additional 2,093,425 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Cloudflare by 4.2% during the 1st quarter. BlackRock Inc. now owns 15,091,856 shares of the company’s stock worth $1,806,495,000 after purchasing an additional 611,459 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Cloudflare by 30.4% during the 1st quarter. First Trust Advisors LP now owns 6,448,150 shares of the company’s stock worth $771,844,000 after purchasing an additional 1,503,125 shares during the last quarter. 71.69% of the stock is owned by institutional investors and hedge funds.

Cloudflare Company Profile

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

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