Cloudflare (NYSE:NET) Price Target Cut to $110.00

Cloudflare (NYSE:NET) had its price objective reduced by TD Cowen from $117.00 to $110.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

NET has been the topic of a number of other research reports. Wells Fargo & Company boosted their price objective on shares of Cloudflare from $95.00 to $125.00 and gave the stock an overweight rating in a report on Friday, February 9th. Robert W. Baird cut their price objective on shares of Cloudflare from $100.00 to $94.00 and set an outperform rating on the stock in a report on Friday. Capital One Financial assumed coverage on shares of Cloudflare in a report on Wednesday, January 17th. They issued an equal weight rating and a $83.00 price objective on the stock. Oppenheimer cut their target price on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating on the stock in a research note on Friday. Finally, Mizuho decreased their price target on Cloudflare from $95.00 to $88.00 and set a neutral rating for the company in a research note on Friday. Four equities 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 company’s stock. According to MarketBeat.com, Cloudflare currently has a consensus rating of Hold and an average target price of $90.13.

Cloudflare Stock Performance

NYSE:NET opened at $74.29 on Friday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $25.08 billion, a price-to-earnings ratio of -140.17 and a beta of 1.15. The firm’s fifty day simple moving average is $93.17 and its 200 day simple moving average is $83.83. Cloudflare has a twelve month low of $44.60 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The business had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. As a group, equities research analysts expect that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the transaction, the director now owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the transaction, the director now owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 338,469 shares in the company, valued at approximately $25,036,551.93. The disclosure for this sale can be found here. Insiders have sold a total of 1,044,347 shares of company stock valued at $101,703,776 over the last quarter. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Large investors have recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in Cloudflare during the 1st quarter valued at $27,000. Allspring Global Investments Holdings LLC raised its stake in Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. ICA Group Wealth Management LLC acquired a new stake in Cloudflare during the 4th quarter valued at $38,000. GAMMA Investing LLC acquired a new stake in Cloudflare during the 4th quarter valued at $39,000. Finally, Pingora Partners LLC acquired a new stake in Cloudflare during the 4th quarter valued at $42,000. 82.68% of the stock is owned by institutional investors and hedge funds.

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.