Cloudflare (NYSE:NET) Receives Neutral Rating from Piper Sandler

Piper Sandler restated their neutral rating on shares of Cloudflare (NYSE:NET) in a report published on Friday morning, Benzinga reports. Piper Sandler currently has a $81.00 price objective on the stock, down from their previous price objective of $110.00.

A number of other equities research analysts also recently issued reports on NET. Morgan Stanley boosted their price target on shares of Cloudflare from $66.00 to $92.00 and gave the company an equal weight rating in a research note on Monday, February 12th. Mizuho cut their target price on shares of Cloudflare from $95.00 to $88.00 and set a neutral rating on the stock in a research note on Friday. Wells Fargo & Company lifted their target price on Cloudflare from $95.00 to $125.00 and gave the company an overweight rating in a report on Friday, February 9th. Susquehanna increased their price objective on shares of Cloudflare from $75.00 to $115.00 and gave the company a neutral rating in a research report on Friday, February 9th. Finally, Needham & Company LLC raised their target price on Cloudflare from $110.00 to $135.00 and gave the stock a buy rating in a research report on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $90.13.

Cloudflare Price Performance

NET opened at $74.29 on Friday. Cloudflare has a one year low of $44.60 and a one year high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The business’s 50 day moving average price is $93.17 and its 200 day moving average price is $83.83.

Cloudflare (NYSE:NET) last released its quarterly 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 during the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, research analysts forecast that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 50,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at approximately $40,351,461.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Thomas J. Seifert sold 50,000 shares of Cloudflare stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the sale, the chief financial officer now owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The disclosure for this sale can be found here. Insiders sold 1,044,347 shares of company stock worth $101,703,776 over the last 90 days. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of large investors have recently made changes to their positions in the stock. Deutsche Bank AG lifted its position in shares of Cloudflare by 5.1% during the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after acquiring an additional 65,596 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in Cloudflare in the third quarter valued at $569,000. International Assets Investment Management LLC purchased a new position in shares of Cloudflare in the fourth quarter valued at $11,639,000. Blueshift Asset Management LLC raised its stake in shares of Cloudflare by 100.2% during the 3rd quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after buying an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier boosted its position in shares of Cloudflare by 4.5% in the 4th quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $33,937,000 after buying an additional 17,600 shares in the last quarter. Hedge funds and other institutional investors 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.