Cloudflare (NYSE:NET) Sets New 12-Month High Following Analyst Upgrade

Cloudflare, Inc. (NYSE:NET)’s stock price reached a new 52-week high during trading on Tuesday after Mizuho raised their price target on the stock from $130.00 to $160.00. Mizuho currently has a neutral rating on the stock. Cloudflare traded as high as $176.73 and last traded at $172.40, with a volume of 6845107 shares. The stock had previously closed at $166.66.

A number of other equities research analysts have also recently commented on NET. Royal Bank of Canada lifted their price target on shares of Cloudflare from $123.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Guggenheim lifted their price target on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday, February 7th. JPMorgan Chase & Co. lifted their price target on shares of Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Finally, Cantor Fitzgerald lifted their price target on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $135.28.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the completion of the transaction, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at approximately $17,115,283.62. This represents a 21.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 28,635 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 581,354 shares of company stock valued at $64,625,120 over the last three months. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently modified their holdings of the company. Proem Advisors LLC purchased a new position in shares of Cloudflare during the fourth quarter valued at about $5,384,000. Pitcairn Co. increased its position in shares of Cloudflare by 73.1% during the fourth quarter. Pitcairn Co. now owns 7,267 shares of the company’s stock valued at $783,000 after buying an additional 3,069 shares during the period. ExodusPoint Capital Management LP purchased a new position in shares of Cloudflare during the fourth quarter valued at about $9,284,000. Motley Fool Asset Management LLC increased its position in shares of Cloudflare by 7.9% during the fourth quarter. Motley Fool Asset Management LLC now owns 5,055 shares of the company’s stock valued at $544,000 after buying an additional 369 shares during the period. Finally, Cinctive Capital Management LP purchased a new position in shares of Cloudflare during the fourth quarter valued at about $13,125,000. 82.68% of the stock is owned by institutional investors.

Cloudflare Price Performance

The company has a market cap of $59.30 billion, a PE ratio of -785.36 and a beta of 1.12. 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 firm’s 50-day moving average is $122.83 and its 200-day moving average is $98.96.

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 return on equity of 5.52% and a negative net margin of 4.72%. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.04 EPS for the current year.

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.