Cloudflare, Inc. (NYSE:NET) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Cloudflare, Inc. (NYSE:NET) have been assigned an average rating of “Hold” from the twenty-eight research firms that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $97.81.

A number of analysts recently issued reports on NET shares. Scotiabank increased their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. BNP Paribas initiated coverage on Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Piper Sandler raised their price objective on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and upped their target price for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. Finally, UBS Group lifted their price target on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, November 8th.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80. Following the sale, the chief executive officer now directly owns 10,761 shares in the company, valued at approximately $1,010,995.95. The trade was a 82.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $113.16, for a total transaction of $2,901,422.40. Following the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $19,572,040.44. This trade represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 629,592 shares of company stock worth $61,334,450 in the last ninety days. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in Cloudflare by 13.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after purchasing an additional 119 shares during the last quarter. Quarry LP boosted its position in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the period. Elo Mutual Pension Insurance Co grew its stake in shares of Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after buying an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after buying an additional 137 shares during the period. Finally, Forum Financial Management LP lifted its stake in Cloudflare by 6.1% during the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after acquiring an additional 162 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Price Performance

Shares of NYSE:NET opened at $112.61 on Friday. The company’s 50 day moving average is $99.85 and its 200 day moving average is $87.41. The company has a market cap of $38.65 billion, a PE ratio of -433.12 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a twelve month low of $66.24 and a twelve month high of $119.42.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, sell-side analysts forecast that Cloudflare will post -0.1 EPS for the current year.

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.