Cloudflare (NYSE:NET) Price Target Raised to $70.00

Cloudflare (NYSE:NET) had its price objective increased by Guggenheim from $68.00 to $70.00 in a report issued on Friday,Benzinga reports. They currently have a sell rating on the stock.

NET has been the subject of several other reports. Royal Bank of Canada reduced their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Bank of America raised Cloudflare from an “underperform” rating to a “buy” rating and increased their price objective for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Needham & Company LLC increased their price objective on Cloudflare from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Friday. Stifel Nicolaus increased their price objective on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and upped their target price for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and an average target price of $142.57.

Cloudflare Stock Up 6.5%

Shares of Cloudflare stock opened at $132.42 on Friday. The stock has a market capitalization of $45.69 billion, a P/E ratio of -601.91 and a beta of 1.78. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a 50 day moving average price of $116.02 and a two-hundred day moving average price of $117.96. Cloudflare has a 12-month low of $66.24 and a 12-month high of $177.37.

Cloudflare (NYSE:NET) last announced its 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). The company had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The firm’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 EPS. Equities analysts expect that Cloudflare will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 35,099 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $164.84, for a total transaction of $5,785,719.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the transaction, the chief accounting officer now owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This represents a 5.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 492,492 shares of company stock worth $63,757,685 over the last three months. 12.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Cloudflare

Large investors have recently made changes to their positions in the business. Mather Group LLC. grew its holdings in shares of Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after purchasing an additional 202 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Cloudflare during the first quarter worth $27,000. GPS Wealth Strategies Group LLC grew its holdings in shares of Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock worth $29,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after purchasing an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Cloudflare during the fourth quarter worth $43,000. Institutional investors 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.