Cantor Fitzgerald Begins Coverage on Cloudflare (NYSE:NET)

Research analysts at Cantor Fitzgerald began coverage on shares of Cloudflare (NYSE:NET) in a research report issued on Friday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $111.00 price target on the stock. Cantor Fitzgerald’s target price suggests a potential downside of 5.23% from the stock’s previous close.

Other analysts also recently issued reports about the company. The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and raised their price target for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and raised their target price for the stock from $95.00 to $145.00 in a report on Friday. Piper Sandler increased their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Jefferies Financial Group boosted their price objective on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada increased their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus price target of $107.00.

Cloudflare Stock Up 2.0 %

NYSE NET opened at $117.13 on Friday. The stock has a 50 day moving average price of $107.72 and a 200-day moving average price of $91.49. Cloudflare has a one year low of $66.24 and a one year high of $121.02. 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 capitalization of $40.20 billion, a P/E ratio of -450.49 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. As a group, equities analysts predict that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Activity

In other news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the sale, the insider now owns 185,386 shares of the company’s stock, valued at $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the sale, the chief executive officer now owns 192,177 shares of the company’s stock, valued at approximately $18,370,199.43. This trade represents a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 524,852 shares of company stock valued at $55,386,256 in the last ninety days. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Large investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in shares of Cloudflare by 2.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 195,791 shares of the company’s stock worth $16,217,000 after purchasing an additional 4,682 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cloudflare by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 326,853 shares of the company’s stock worth $27,070,000 after acquiring an additional 1,460 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Cloudflare during the 2nd quarter worth $7,463,000. Amalgamated Bank boosted its position in shares of Cloudflare by 3.6% during the 2nd quarter. Amalgamated Bank now owns 20,316 shares of the company’s stock valued at $1,683,000 after acquiring an additional 714 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in shares of Cloudflare by 5.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,422 shares of the company’s stock valued at $2,106,000 after purchasing an additional 1,330 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Company Profile

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.