Needham & Company LLC Reiterates Buy Rating for Cloudflare (NYSE:NET)

Cloudflare (NYSE:NET)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $185.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 15.28% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and raised their target price for the company from $95.00 to $145.00 in a research report on Friday, January 17th. JPMorgan Chase & Co. raised their target price on shares of Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. The Goldman Sachs Group raised their target price on shares of Cloudflare from $140.00 to $183.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Royal Bank of Canada raised their target price on shares of Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Wells Fargo & Company raised their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $136.28.

Cloudflare Trading Down 4.9 %

Shares of NET opened at $160.48 on Tuesday. Cloudflare has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a 50-day moving average of $128.51 and a 200 day moving average of $102.19. The firm has a market capitalization of $55.07 billion, a price-to-earnings ratio of -729.45 and a beta of 1.12. 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, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, research analysts expect that Cloudflare will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction that occurred on Monday, February 3rd. The shares were 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 directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $100.44, for a total transaction of $2,575,281.60. Following the sale, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $17,372,001.96. The trade was a 12.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 533,297 shares of company stock worth $62,604,696. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Large investors have recently made changes to their positions in the company. Hartline Investment Corp lifted its stake in shares of Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after purchasing an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in shares of Cloudflare in the 3rd quarter valued at $25,588,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after purchasing an additional 29,960 shares during the period. National Pension Service lifted 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 during the period. Finally, Strategic Blueprint LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at $265,000. 82.68% of the stock is currently 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.