Piper Sandler Reaffirms Neutral Rating for Cloudflare (NYSE:NET)

Cloudflare (NYSE:NET)‘s stock had its “neutral” rating reissued by Piper Sandler in a research note issued to investors on Friday,Benzinga reports. They presently have a $151.00 target price on the stock, up from their prior target price of $112.00. Piper Sandler’s price objective would indicate a potential upside of 14.03% from the company’s previous close.

A number of other research firms also recently issued reports on NET. JPMorgan Chase & Co. boosted their target price on shares of Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Oppenheimer initiated coverage on Cloudflare in a research note on Thursday, March 20th. They issued an “outperform” rating and a $150.00 target price on the stock. Scotiabank raised their target price on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Bank of America raised Cloudflare from an “underperform” rating to a “buy” rating and boosted their price target for the company from $60.00 to $160.00 in a report on Tuesday, March 25th. Finally, UBS Group dropped their price objective on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $142.57.

Cloudflare Stock Performance

Shares of NET opened at $132.42 on Friday. 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 stock has a 50-day moving average of $116.02 and a two-hundred day moving average of $117.76. The stock has a market cap of $45.69 billion, a P/E ratio of -601.91 and a beta of 1.78. Cloudflare has a one year low of $66.24 and a one year high of $177.37.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The firm had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same quarter in the prior year, the company earned $0.16 EPS. Cloudflare’s quarterly revenue was up 26.5% on a year-over-year basis. As a group, research analysts predict that Cloudflare will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 35,099 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $164.84, for a total transaction of $5,785,719.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Janel Riley sold 4,327 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares of the company’s stock, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 492,492 shares of company stock worth $63,757,685. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Mather Group LLC. raised its stake in Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after purchasing an additional 202 shares during the period. NBC Securities Inc. purchased a new stake in shares of Cloudflare during the 1st quarter valued at approximately $27,000. GPS Wealth Strategies Group LLC lifted its holdings in Cloudflare by 213.4% in 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 during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after acquiring an additional 142 shares during the period. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Cloudflare during the fourth quarter worth $43,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.