UBS Group Trims Cloudflare (NYSE:NET) Target Price to $76.00

Cloudflare (NYSE:NET) had its price target decreased by UBS Group from $88.00 to $76.00 in a research report released on Friday, Benzinga reports. UBS Group currently has a sell rating on the stock.

Other equities analysts have also recently issued reports about the company. Sanford C. Bernstein assumed coverage on Cloudflare in a research note on Thursday, January 18th. They issued a market perform rating and a $85.00 price target on the stock. Bank of America lifted their price target on Cloudflare from $52.00 to $60.00 and gave the stock an underperform rating in a research report on Friday. Truist Financial lifted their price target on Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a research report on Friday, February 9th. Oppenheimer reduced their price objective on Cloudflare from $122.00 to $110.00 and set an outperform rating for the company in a report on Friday. Finally, Capital One Financial assumed coverage on Cloudflare in a research note on Wednesday, January 17th. They set an equal weight rating and a $83.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Cloudflare presently has an average rating of Hold and a consensus target price of $90.13.

Cloudflare Trading Down 0.1 %

Shares of NET stock opened at $74.29 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a 52-week low of $44.60 and a 52-week high of $116.00. The company has a market capitalization of $25.08 billion, a PE ratio of -140.17 and a beta of 1.15. The business’s fifty day moving average is $93.17 and its 200 day moving average is $83.83.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) 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 company had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. On average, equities research analysts anticipate that Cloudflare will post -0.2 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the sale, the insider now owns 205,238 shares in the company, valued at approximately $20,449,914.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now directly owns 205,238 shares in the company, valued at approximately $20,449,914.32. The disclosure for this sale can be found here. Insiders have sold 1,044,347 shares of company stock valued at $101,703,776 in the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after buying an additional 740,914 shares during the last quarter. Capital World Investors boosted its stake in shares of Cloudflare by 1.8% in the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after acquiring an additional 487,308 shares during the last quarter. 1832 Asset Management L.P. lifted its position in Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares in the last quarter. Norges Bank purchased a new position in Cloudflare during the fourth quarter worth approximately $221,858,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Cloudflare by 0.9% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock worth $109,451,000 after buying an additional 14,984 shares in the last quarter. 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.