Scotiabank Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET) had its price objective raised by Scotiabank from $87.00 to $110.00 in a report published on Tuesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

NET has been the subject of a number of other research reports. Morgan Stanley lifted their price target on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday. Cantor Fitzgerald began coverage on Cloudflare in a report on Friday, January 17th. They set a “neutral” rating and a $111.00 target price for the company. UBS Group increased their price target on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company lifted their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. Finally, Mizuho increased their price objective on shares of Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus price target of $108.32.

Cloudflare Stock Performance

NET opened at $119.81 on Tuesday. The company has a market cap of $41.12 billion, a P/E ratio of -460.81 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. The firm’s 50-day moving average price is $108.20 and its 200-day moving average price is $91.77. Cloudflare has a 52-week low of $66.24 and a 52-week high of $121.02.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting 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 for the quarter, compared to analyst estimates of $423.65 million. As a group, equities analysts anticipate that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total value of $5,957,632.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at approximately $1,223,962.26. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $86.79, for a total value of $1,301,850.00. Following the transaction, the chief financial officer now owns 281,403 shares in the company, valued at approximately $24,422,966.37. The trade was a 5.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 589,852 shares of company stock valued at $63,169,052 over the last quarter. 12.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Marshall Wace LLP grew its holdings in shares of Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after purchasing an additional 855,334 shares during the period. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in Cloudflare in the 3rd quarter valued at about $25,588,000. International Assets Investment Management LLC purchased a new stake in shares of Cloudflare in the 3rd quarter valued at approximately $147,160,000. Parnassus Investments LLC increased its holdings in shares of Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock worth $11,196,000 after buying an additional 131,319 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares during the period. 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.