Cloudflare (NYSE:NET) Raised to Outperform at Mizuho

Mizuho upgraded shares of Cloudflare (NYSE:NET) from a neutral rating to an outperform rating in a research note published on Wednesday, MarketBeat Ratings reports. Mizuho currently has $135.00 price target on the stock.

Other equities analysts also recently issued research reports about the stock. Susquehanna boosted their target price on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Wells Fargo & Company lifted their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Guggenheim upped their price objective on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday, February 7th. Truist Financial lifted their target price on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Finally, Bank of America upgraded Cloudflare from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus price target of $134.84.

Cloudflare Stock Performance

NYSE NET opened at $109.47 on Wednesday. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The firm has a market capitalization of $37.78 billion, a P/E ratio of -497.59 and a beta of 1.59. The stock’s fifty day moving average is $130.46 and its two-hundred day moving average is $113.85. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) 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, research analysts anticipate that Cloudflare will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 33,864 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $119.40, for a total value of $4,043,361.60. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $30,192,558.60. This represents a 11.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 561,973 shares of company stock worth $73,056,260. 12.83% of the stock is owned by corporate insiders.

Institutional Trading of Cloudflare

Several hedge funds and other institutional investors have recently modified their holdings of the company. NBC Securities Inc. acquired a new stake in shares of Cloudflare during the 1st quarter valued at about $27,000. GPS Wealth Strategies Group LLC raised its position in Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock valued at $29,000 after acquiring an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after acquiring an additional 142 shares in the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in Cloudflare in the fourth quarter worth approximately $43,000. Finally, Global Financial Private Client LLC increased its stake in shares of Cloudflare by 38,100.0% during the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock worth $43,000 after purchasing an additional 381 shares during the last quarter. 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.