Cloudflare (NYSE:NET) Stock Price Expected to Rise, Scotiabank Analyst Says

Cloudflare (NYSE:NET) had its price target boosted by analysts at Scotiabank from $87.00 to $110.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price target would indicate a potential downside of 8.26% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. 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. Morgan Stanley lifted their price objective on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday. Piper Sandler lifted their price objective on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Royal Bank of Canada lifted their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company lifted their price objective on Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $108.32.

Cloudflare Stock Performance

Shares of Cloudflare stock traded up $2.74 during midday trading on Tuesday, hitting $119.90. The company had a trading volume of 1,446,944 shares, compared to its average volume of 2,644,751. The business’s 50 day simple moving average is $108.20 and its two-hundred day simple moving average is $91.77. The stock has a market cap of $41.15 billion, a PE ratio of -461.46 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a 1-year low of $66.24 and a 1-year high of $121.02.

Cloudflare (NYSE:NET) last posted 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 firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, equities analysts predict that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $113.98, for a total value of $5,970,728.32. Following the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,226,652.76. The trade was a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the transaction, the insider now owns 185,386 shares of the company’s stock, valued at approximately $16,425,199.60. This trade represents a 1.59 % decrease in their ownership of the stock. 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. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Several hedge funds have recently made changes to their positions in the stock. Atomi Financial Group Inc. grew its position in Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after buying an additional 94 shares in the last quarter. Wealth Management Partners LLC grew its position in Cloudflare by 3.3% during the fourth quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock worth $382,000 after buying an additional 114 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after buying an additional 119 shares in the last quarter. Quarry LP grew its position in 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 in the last quarter. Finally, OneDigital Investment Advisors LLC grew its position in Cloudflare by 3.5% during the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after buying an additional 137 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other 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.