Wells Fargo & Company Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET) had its price target boosted by investment analysts at Wells Fargo & Company from $110.00 to $135.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 16.56% from the company’s previous close.

NET has been the topic of a number of other reports. Jefferies Financial Group raised their target price on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. BNP Paribas started coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. UBS Group raised their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Scotiabank upped their price target on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Finally, Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and raised their target price for the stock from $95.00 to $136.00 in a research report on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Cloudflare presently has an average rating of “Hold” and a consensus price target of $102.30.

Cloudflare Price Performance

NET opened at $115.82 on Tuesday. The stock has a fifty day moving average price of $103.82 and a 200 day moving average price of $89.73. 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 1 year low of $66.24 and a 1 year high of $119.42. The stock has a market cap of $39.75 billion, a price-to-earnings ratio of -445.46 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). The company 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%. Analysts forecast that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $28,779,020.89. The trade was a 5.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $90.92, for a total transaction of $4,762,753.28. Following the sale, the chief executive officer now directly owns 10,761 shares in the company, valued at approximately $978,390.12. The trade was a 82.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 644,620 shares of company stock valued at $66,433,687 in the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Cloudflare

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Market Strategies LLC acquired a new stake in shares of Cloudflare in the fourth quarter valued at about $647,000. Nordea Investment Management AB boosted its stake in shares of Cloudflare by 0.7% in the 4th quarter. Nordea Investment Management AB now owns 39,776 shares of the company’s stock valued at $4,307,000 after purchasing an additional 261 shares during the last quarter. Everence Capital Management Inc. bought a new position in Cloudflare during the fourth quarter worth $803,000. GAMMA Investing LLC lifted its holdings in Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after buying an additional 217 shares during the period. Finally, Versant Capital Management Inc boosted its position in Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the last quarter. 82.68% of the stock is currently owned by 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.