Cloudflare (NYSE:NET) Stock Rating Upgraded by Capital One Financial

Capital One Financial upgraded shares of Cloudflare (NYSE:NET) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Truist Financial upped their target price on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Mizuho raised shares of Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price target on the stock in a research note on Wednesday, April 16th. Morgan Stanley upped their price objective on shares of Cloudflare from $144.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $142.57.

Cloudflare Trading Up 6.5 %

Shares of NYSE:NET opened at $132.42 on Thursday. 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 has a 12-month low of $66.24 and a 12-month high of $177.37. The business has a 50 day moving average of $116.02 and a two-hundred day moving average of $117.76. The company has a market capitalization of $45.69 billion, a PE ratio of -601.91 and a beta of 1.78.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The firm had revenue of $479.09 million for the quarter, compared to analysts’ expectations of $469.49 million. During the same period last year, the company posted $0.16 earnings per share. The business’s quarterly revenue was up 26.5% on a year-over-year basis. As a group, analysts forecast that Cloudflare will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares of the company’s stock, valued at approximately $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total transaction of $5,284,497.92. The disclosure for this sale can be found here. Insiders sold a total of 492,492 shares of company stock valued at $63,757,685 over the last 90 days. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently modified their holdings of the business. Groupama Asset Managment acquired a new position in Cloudflare during the 4th quarter worth $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare in the 4th quarter valued at approximately $249,544,000. American Century Companies Inc. raised its holdings in shares of Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after purchasing an additional 1,017,399 shares in the last quarter. Fred Alger Management LLC lifted its position in shares of Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock worth $100,604,000 after purchasing an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after purchasing an additional 804,059 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.