Cloudflare (NYSE:NET) Given New $85.00 Price Target at Cantor Fitzgerald

Cloudflare (NYSE:NET) had its target price hoisted by Cantor Fitzgerald from $80.00 to $85.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird decreased their price target on Cloudflare from $100.00 to $94.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. Mizuho increased their price objective on Cloudflare from $88.00 to $92.00 and gave the stock a neutral rating in a report on Tuesday, July 16th. Needham & Company LLC reaffirmed a buy rating and set a $135.00 price objective on shares of Cloudflare in a research report on Friday. The Goldman Sachs Group dropped their target price on Cloudflare from $77.00 to $68.00 and set a sell rating on the stock in a research report on Tuesday, June 4th. Finally, Morgan Stanley reissued an equal weight rating and set a $92.00 target price on shares of Cloudflare in a research note on Monday, June 17th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $92.29.

Cloudflare Trading Down 0.9 %

Shares of Cloudflare stock traded down $0.68 on Friday, hitting $78.78. The stock had a trading volume of 3,851,152 shares, compared to its average volume of 3,594,169. The firm has a market capitalization of $26.77 billion, a P/E ratio of -149.53 and a beta of 1.10. The stock has a 50 day moving average of $77.83 and a 200 day moving average of $85.28. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a twelve month low of $53.88 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. Cloudflare’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the business earned ($0.12) EPS. Sell-side analysts expect that Cloudflare will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.65, for a total transaction of $247,950.00. Following the sale, the insider now directly owns 195,303 shares of the company’s stock, valued at $16,141,792.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $82.65, for a total value of $247,950.00. Following the completion of the transaction, the insider now owns 195,303 shares of the company’s stock, valued at $16,141,792.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 30,145 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the completion of the sale, the director now owns 1,166,648 shares of the company’s stock, valued at approximately $85,001,973.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 638,826 shares of company stock worth $49,667,368. 12.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors have recently added to or reduced their stakes in the business. Raymond James & Associates raised its holdings in shares of Cloudflare by 300.8% in the fourth quarter. Raymond James & Associates now owns 55,857 shares of the company’s stock valued at $4,651,000 after purchasing an additional 41,920 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Cloudflare by 18.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 18,602 shares of the company’s stock valued at $1,549,000 after purchasing an additional 2,893 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Cloudflare during the fourth quarter worth approximately $216,000. Ballentine Partners LLC purchased a new position in shares of Cloudflare in the fourth quarter worth $210,000. Finally, Arizona State Retirement System increased its stake in shares of Cloudflare by 25.1% in the fourth quarter. Arizona State Retirement System now owns 93,872 shares of the company’s stock worth $7,816,000 after buying an additional 18,835 shares during the period. 82.68% of the stock is 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.