Bank of America Increases Cloudflare (NYSE:NET) Price Target to $60.00

Cloudflare (NYSE:NET) had its price target raised by Bank of America from $52.00 to $60.00 in a research report report published on Friday, Benzinga reports. The brokerage currently has an underperform rating on the stock.

Other analysts have also recently issued research reports about the stock. DZ Bank cut shares of Cloudflare from a buy rating to a hold rating and set a $110.00 price objective on the stock. in a report on Tuesday, February 13th. Robert W. Baird reduced their price objective on Cloudflare from $100.00 to $94.00 and set an outperform rating for the company in a research report on Friday. JMP Securities raised their target price on Cloudflare from $75.00 to $90.00 and gave the company a market outperform rating in a research report on Wednesday, January 31st. Sanford C. Bernstein assumed coverage on Cloudflare in a research report on Thursday, January 18th. They set a market perform rating and a $85.00 price target for the company. Finally, Needham & Company LLC raised their price target on Cloudflare from $110.00 to $135.00 and gave the company a buy rating in a report on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of Hold and an average price target of $90.13.

Cloudflare Trading Down 0.1 %

Shares of NYSE:NET opened at $74.29 on Friday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a 50-day simple moving average of $93.17 and a 200 day simple moving average of $83.83. Cloudflare has a fifty-two week low of $44.60 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The business had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. On average, sell-side analysts predict that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the transaction, the chief financial officer now owns 338,469 shares of the company’s stock, valued at approximately $25,036,551.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $73.97, for a total value of $1,109,550.00. Following the completion of the sale, the chief financial officer now owns 338,469 shares in the company, valued at $25,036,551.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The disclosure for this sale can be found here. Insiders have sold 1,044,347 shares of company stock worth $101,703,776 in the last quarter. 12.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NET. Riverview Trust Co bought a new position in shares of Cloudflare in the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC increased its position in Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Cloudflare in the fourth quarter worth about $38,000. GAMMA Investing LLC bought a new position in shares of Cloudflare in the fourth quarter worth about $39,000. Finally, Pingora Partners LLC acquired a new position in shares of Cloudflare during the fourth quarter worth approximately $42,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.