Cloudflare (NYSE:NET) Price Target Raised to $220.00

Cloudflare (NYSE:NET) had its price objective boosted by Mizuho from $155.00 to $220.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also issued research reports about the stock. CICC Research raised shares of Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective for the company in a research report on Monday, May 12th. Jefferies Financial Group cut their price objective on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating for the company in a research report on Friday, May 9th. Bank of America raised shares of Cloudflare from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Susquehanna dropped their price target on shares of Cloudflare from $170.00 to $140.00 and set a “neutral” rating for the company in a research report on Monday, May 12th. Finally, UBS Group upped their price target on shares of Cloudflare from $135.00 to $145.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.32.

Cloudflare Stock Performance

NYSE:NET opened at $196.77 on Wednesday. The firm has a 50 day simple moving average of $175.86 and a 200-day simple moving average of $143.22. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The firm has a market cap of $68.20 billion, a PE ratio of -855.52 and a beta of 1.85. Cloudflare has a 1-year low of $69.26 and a 1-year high of $198.01.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The firm had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The business’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.16 EPS. On average, equities analysts expect that Cloudflare will post -0.11 EPS for the current year.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $190.68, for a total value of $4,889,225.88. Following the completion of the sale, the insider owned 6,390 shares of the company’s stock, valued at $1,218,445.20. This represents a 80.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas James Kramer sold 9,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $196.09, for a total transaction of $1,764,810.00. Following the completion of the sale, the insider directly owned 160,377 shares of the company’s stock, valued at $31,448,325.93. The trade was a 5.31% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 581,062 shares of company stock valued at $99,070,153. 10.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. QTR Family Wealth LLC purchased a new position in shares of Cloudflare in the second quarter valued at $217,000. PFG Investments LLC purchased a new position in shares of Cloudflare in the second quarter valued at $205,000. TABR Capital Management LLC purchased a new position in shares of Cloudflare in the second quarter valued at $217,000. Union Bancaire Privee UBP SA boosted its stake in shares of Cloudflare by 23.8% in the second quarter. Union Bancaire Privee UBP SA now owns 50,564 shares of the company’s stock valued at $9,902,000 after purchasing an additional 9,718 shares during the period. Finally, Trivium Point Advisory LLC purchased a new position in shares of Cloudflare in the second quarter valued at $255,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

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.