Cloudflare (NYSE:NET) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of Cloudflare (NYSE:NET) in a research report sent to investors on Friday, MarketBeat reports. The brokerage issued a neutral rating and a $111.00 price target on the stock.

Other equities research analysts have also issued research reports about the stock. UBS Group raised their price target 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. The Goldman Sachs Group raised Cloudflare from a “sell” rating to a “buy” rating and raised their target price for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Piper Sandler upped their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Scotiabank lifted their price objective on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Finally, Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $92.00 to $130.00 in a report on Monday, December 2nd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $106.15.

Cloudflare Trading Up 2.0 %

NET stock opened at $117.13 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock’s fifty day simple moving average is $107.72 and its two-hundred day simple moving average is $91.45. Cloudflare has a 1-year low of $66.24 and a 1-year high of $121.02.

Cloudflare (NYSE:NET) last issued 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). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. On average, equities analysts expect that Cloudflare will post -0.1 EPS for the current year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the transaction, the insider now owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maria S. Eitel sold 6,875 shares of Cloudflare stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.00, for a total value of $605,000.00. Following the sale, the director now directly owns 5,927 shares of the company’s stock, valued at approximately $521,576. This trade represents a 53.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 524,852 shares of company stock worth $55,386,256. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace LLP lifted its holdings in shares of Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after acquiring an additional 855,334 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in Cloudflare during the third quarter valued at about $25,588,000. International Assets Investment Management LLC purchased a new stake in Cloudflare during the third quarter valued at about $147,160,000. Parnassus Investments LLC grew its stake in shares of Cloudflare by 1,851.9% during the third quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after buying an additional 131,319 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after buying an additional 121,810 shares during the period. 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.