Cloudflare (NYSE:NET) Price Target Raised to $153.00 at Piper Sandler

Cloudflare (NYSE:NET) had its price target lifted by investment analysts at Piper Sandler from $92.00 to $153.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target suggests a potential downside of 5.17% from the stock’s previous close.

Several other brokerages also recently issued reports on NET. Scotiabank lifted their price target on shares of Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. UBS Group lifted their price objective on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Royal Bank of Canada boosted their price target on shares of Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and boosted their price objective for the company from $95.00 to $136.00 in a report on Tuesday, December 17th. Finally, Baird R W downgraded Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $114.76.

Cloudflare Price Performance

NYSE NET traded up $19.82 on Friday, reaching $161.34. 1,955,367 shares of the stock traded hands, compared to its average volume of 3,278,121. Cloudflare has a 12 month low of $66.24 and a 12 month high of $161.34. The company has a market cap of $55.37 billion, a price-to-earnings ratio of -621.14 and a beta of 1.12. The firm’s fifty day simple moving average is $116.71 and its 200 day simple moving average is $95.92. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, research analysts predict that Cloudflare will post -0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the sale, the chief executive officer now directly owns 192,177 shares in the company, valued at $18,370,199.43. This trade represents a 21.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 633,738 shares of company stock valued at $69,632,506 over the last quarter. 12.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Hartline Investment Corp lifted its holdings in Cloudflare by 7.6% in the third quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock worth $21,062,000 after purchasing an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare in the third quarter worth $25,588,000. Charles Schwab Investment Management Inc. lifted its position in Cloudflare by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after purchasing an additional 29,960 shares during the period. National Pension Service boosted its stake in shares of Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after purchasing an additional 4,062 shares in the last quarter. Finally, Strategic Blueprint LLC acquired a new stake in shares of Cloudflare in the 4th quarter valued at $265,000. 82.68% of the stock is owned by institutional investors and hedge funds.

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.