Cloudflare, Inc. (NYSE:NET) Receives Consensus Recommendation of “Hold” from Brokerages

Cloudflare, Inc. (NYSE:NET) has received a consensus recommendation of “Hold” from the twenty-six research firms that are currently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $92.88.

Several equities research analysts have recently weighed in on the company. Piper Sandler upped their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Scotiabank upped their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Mizuho upped their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company upped their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, UBS Group upped their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th.

Cloudflare Trading Up 0.5 %

Shares of NET opened at $99.83 on Monday. The business’s 50-day moving average price is $90.25 and its 200-day moving average price is $82.52. Cloudflare has a twelve month low of $66.24 and a twelve month high of $116.00. The stock has a market cap of $34.26 billion, a PE ratio of -383.96 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. On average, equities analysts forecast that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total value of $4,089,095.04. Following the completion of the sale, the chief executive officer now owns 10,761 shares of the company’s stock, valued at $840,003.66. This trade represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $15,681,643.20. The trade was a 25.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 606,952 shares of company stock valued at $53,078,202. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CVA Family Office LLC lifted its stake in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare in the second quarter worth $29,000. Quarry LP lifted its stake in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the period. Versant Capital Management Inc raised its holdings in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after purchasing an additional 421 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Cloudflare in the third quarter worth $38,000. Hedge funds and other institutional investors 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.