Susquehanna Cuts Cloudflare (NYSE:NET) Price Target to $80.00

Cloudflare (NYSE:NET) had its price target cut by Susquehanna from $115.00 to $80.00 in a research note published on Monday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also recently issued reports on NET. Robert W. Baird cut their price objective on Cloudflare from $100.00 to $94.00 and set an outperform rating for the company in a report on Friday, May 3rd. TD Cowen decreased their price target on shares of Cloudflare from $117.00 to $110.00 and set a buy rating on the stock in a research note on Friday, May 3rd. Truist Financial upped their price objective on shares of Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a research note on Friday, February 9th. Oppenheimer decreased their target price on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. Finally, Sanford C. Bernstein initiated coverage on shares of Cloudflare in a research report on Thursday, January 18th. They set a market perform rating and a $85.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of Hold and an average target price of $89.48.

Cloudflare Price Performance

Shares of NYSE:NET opened at $72.45 on Monday. Cloudflare has a 12 month low of $45.47 and a 12 month 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 stock has a market cap of $24.46 billion, a P/E ratio of -136.70 and a beta of 1.15. The company has a 50 day moving average of $92.19 and a 200 day moving average of $83.85.

Cloudflare (NYSE:NET) last announced 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 analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. As a group, sell-side analysts forecast that Cloudflare will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the completion of the sale, the chief executive officer now owns 230,612 shares in the company, valued at $16,721,676.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Thomas J. Seifert sold 50,000 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the transaction, the chief financial officer now owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the sale, the chief executive officer now owns 230,612 shares of the company’s stock, valued at approximately $16,721,676.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,141,153 shares of company stock worth $108,765,387. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently bought and sold shares of NET. Cigna Investments Inc. New boosted its position in shares of Cloudflare by 4.2% during the 1st quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock valued at $307,000 after acquiring an additional 129 shares during the last quarter. Yousif Capital Management LLC grew its stake in shares of Cloudflare by 4.0% in the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after buying an additional 130 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in shares of Cloudflare by 0.5% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock worth $2,278,000 after buying an additional 132 shares during the last quarter. Quent Capital LLC lifted its holdings in shares of Cloudflare by 8.1% in the 4th quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock valued at $156,000 after acquiring an additional 140 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Cloudflare by 34.4% in the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after acquiring an additional 171 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

About Cloudflare

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.