Cloudflare (NYSE:NET) Sets New 52-Week High – Here’s Why

Cloudflare, Inc. (NYSE:NET)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $123.13 and last traded at $123.03, with a volume of 2523164 shares traded. The stock had previously closed at $119.85.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NET. Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and increased their price target for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. UBS Group increased their price target on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Scotiabank increased their price target on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Tuesday. BNP Paribas began coverage on Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Finally, Cantor Fitzgerald began coverage on Cloudflare in a research note on Friday, January 17th. They issued a “neutral” rating and a $111.00 price target for the company. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $108.32.

Cloudflare Stock Performance

The firm has a fifty day moving average price of $110.70 and a 200 day moving average price of $92.72. The firm has a market capitalization of $42.96 billion, a PE ratio of -481.49 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 (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Research analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated 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 directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Maria S. Eitel sold 6,875 shares of the company’s 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 completion of the transaction, the director now directly owns 5,927 shares in the company, valued at approximately $521,576. The trade was a 53.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 641,132 shares of company stock valued at $69,429,058. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NET. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in Cloudflare in the 3rd quarter worth about $25,588,000. International Assets Investment Management LLC acquired a new position in shares of Cloudflare during the 3rd quarter valued at about $147,160,000. Parnassus Investments LLC increased its holdings in shares of Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after acquiring an additional 131,319 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after acquiring an additional 121,810 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Cloudflare by 70.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 280,826 shares of the company’s stock valued at $22,716,000 after acquiring an additional 116,130 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

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.