The Goldman Sachs Group Cuts Cloudflare (NYSE:NET) Price Target to $161.00

Cloudflare (NYSE:NET) had its price target reduced by investment analysts at The Goldman Sachs Group from $183.00 to $161.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 39.00% from the stock’s previous close.

A number of other research firms have also recently commented on NET. Needham & Company LLC lowered their price objective on shares of Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday. Susquehanna upped their price objective on shares of Cloudflare from $95.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Jefferies Financial Group upped their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Finally, Truist Financial upped their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $130.04.

Cloudflare Stock Up 1.9 %

NYSE:NET opened at $115.83 on Friday. The stock’s fifty day moving average price is $136.48 and its two-hundred day moving average price is $108.74. Cloudflare has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a market cap of $39.97 billion, a price-to-earnings ratio of -526.50 and a beta of 1.27.

Cloudflare (NYSE:NET) last posted its quarterly earnings results 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, analysts anticipate that Cloudflare will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $113.00, for a total transaction of $5,919,392.00. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,216,106. This trade represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total transaction of $1,690,800.00. Following the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $28,503,393.68. This trade represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 571,766 shares of company stock worth $73,804,307. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Groupama Asset Managment acquired a new position in Cloudflare during the fourth quarter valued at approximately $269,200,000. Norges Bank acquired a new position in Cloudflare during the fourth quarter valued at approximately $249,544,000. American Century Companies Inc. raised its position in Cloudflare by 82.0% during the fourth 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 raised its position in Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after purchasing an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. raised its position in Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock valued at $116,178,000 after purchasing an additional 804,059 shares in the last quarter. 82.68% of the stock is owned by 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.