Oppenheimer Lowers Cloudflare (NYSE:NET) Price Target to $110.00

Cloudflare (NYSE:NET) had its price target dropped by investment analysts at Oppenheimer from $122.00 to $110.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price objective suggests a potential upside of 47.85% from the company’s current price.

A number of other equities analysts have also recently issued reports on the company. Wells Fargo & Company increased their target price on Cloudflare from $95.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. JPMorgan Chase & Co. lifted their price objective on Cloudflare from $53.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $81.00 target price (down previously from $110.00) on shares of Cloudflare in a report on Friday. JMP Securities lifted their price target on shares of Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, January 31st. Finally, Needham & Company LLC upped their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research note 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 stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $90.17.

Cloudflare Trading Down 16.4 %

Shares of Cloudflare stock opened at $74.40 on Friday. The company has a market cap of $25.12 billion, a price-to-earnings ratio of -140.38 and a beta of 1.15. Cloudflare has a 1 year low of $39.90 and a 1 year high of $116.00. The company’s fifty day simple moving average is $93.67 and its 200-day simple moving average is $83.60. 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 released its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. As a group, sell-side analysts expect that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total value of $264,360.00. Following the sale, the insider now directly owns 205,238 shares of the company’s stock, valued at approximately $18,085,572.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total transaction of $264,360.00. Following the completion of the transaction, the insider now directly owns 205,238 shares in the company, valued at $18,085,572.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Carl Ledbetter sold 8,022 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the completion of the sale, the director now owns 1,196,793 shares in the company, valued at approximately $104,707,419.57. The disclosure for this sale can be found here. In the last three months, insiders sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Riverview Trust Co acquired a new stake in Cloudflare in the 1st quarter valued at about $27,000. Allspring Global Investments Holdings LLC increased its position in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in Cloudflare in the fourth quarter valued at approximately $38,000. GAMMA Investing LLC acquired a new stake in shares of Cloudflare in the fourth quarter valued at approximately $39,000. Finally, Pingora Partners LLC bought a new position in shares of Cloudflare during the 4th quarter worth approximately $42,000. 82.68% of the stock is currently owned by 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.