Cloudflare (NYSE:NET) PT Lowered to $94.00

Cloudflare (NYSE:NET) had its price target lowered by analysts at Robert W. Baird from $100.00 to $94.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 26.34% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the company. Royal Bank of Canada increased their price objective on Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a research report on Friday, February 9th. Sanford C. Bernstein began coverage on Cloudflare in a research report on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price objective on the stock. Mizuho lowered their price objective on Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a research report on Friday. Susquehanna increased their price objective on Cloudflare from $75.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, February 9th. Finally, Needham & Company LLC increased their price objective on Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $90.17.

Cloudflare Price Performance

Shares of NYSE NET opened at $74.40 on Friday. The stock has a fifty day simple moving average of $93.67 and a two-hundred day simple moving average of $83.60. Cloudflare has a 1-year low of $39.90 and a 1-year high of $116.00. The firm has a market cap of $25.12 billion, a price-to-earnings ratio of -140.38 and a beta of 1.15. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. The firm had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Analysts anticipate that Cloudflare will post -0.2 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the transaction, the insider now owns 216,114 shares in the company, valued at $23,789,829.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the sale, the director now directly owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Douglas James Kramer sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.08, for a total value of $660,480.00. Following the transaction, the insider now directly owns 216,114 shares in the company, valued at $23,789,829.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,029,347 shares of company stock worth $100,594,226. Company insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Several institutional investors and hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC lifted its holdings in Cloudflare by 9.0% in the third quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock worth $3,588,000 after buying an additional 4,685 shares during the period. Xponance Inc. lifted its stake in shares of Cloudflare by 0.6% in the 3rd quarter. Xponance Inc. now owns 40,684 shares of the company’s stock valued at $2,565,000 after purchasing an additional 224 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of Cloudflare by 27.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after purchasing an additional 3,337 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new stake in Cloudflare in the third quarter worth $372,000. Finally, J.W. Cole Advisors Inc. bought a new position in Cloudflare in the third quarter worth $255,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.