Cloudflare (NYSE:NET) Upgraded by Citigroup to “Buy” Rating

Cloudflare (NYSE:NET) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Friday, MarketBeat reports. The firm currently has a $145.00 price target on the stock, up from their previous price target of $95.00. Citigroup’s price target suggests a potential upside of 23.80% from the stock’s current price.

NET has been the topic of a number of other reports. Scotiabank boosted their price objective on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research report on Friday, November 8th. The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and raised their price objective for the stock from $77.00 to $140.00 in a report on Thursday, January 2nd. Piper Sandler upped their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $92.00 to $130.00 in a research note on Monday, December 2nd. Finally, Royal Bank of Canada lifted their price objective on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $107.00.

Cloudflare Trading Up 2.0 %

Shares of Cloudflare stock opened at $117.13 on Friday. The company has a market cap of $40.20 billion, a price-to-earnings ratio of -450.49 and a beta of 1.10. Cloudflare has a 1 year low of $66.24 and a 1 year high of $121.02. The company’s fifty day simple moving average is $107.72 and its 200-day simple moving average is $91.49. 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 (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting 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 business had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. As a group, sell-side analysts expect that Cloudflare will post -0.1 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at approximately $1,223,962.26. This represents a 82.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the sale, the insider now owns 185,386 shares of the company’s stock, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 524,852 shares of company stock worth $55,386,256 over the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC increased its holdings in Cloudflare by 19.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 32,153 shares of the company’s stock valued at $3,462,000 after purchasing an additional 5,130 shares during the last quarter. Daymark Wealth Partners LLC raised its holdings in Cloudflare by 6.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 4,535 shares of the company’s stock worth $488,000 after buying an additional 257 shares during the period. MCF Advisors LLC bought a new position in Cloudflare in the fourth quarter valued at approximately $123,000. Atomi Financial Group Inc. boosted its holdings in shares of Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after buying an additional 94 shares during the period. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of Cloudflare during the fourth quarter worth $259,000. 82.68% of the stock is currently 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.