Cloudflare (NYSE:NET) Price Target Raised to $140.00 at Truist Financial

Cloudflare (NYSE:NET) had its price objective raised by Truist Financial from $120.00 to $140.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

NET has been the topic of several other research reports. Mizuho lifted 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. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and upped their price objective for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Cantor Fitzgerald initiated coverage on shares of Cloudflare in a research report on Friday, January 17th. They issued a “neutral” rating and a $111.00 target price on the stock. The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and upped their price target for the company from $77.00 to $140.00 in a research report on Thursday, January 2nd. Finally, Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $95.00 to $136.00 in a research report on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Hold” and an average price target of $109.72.

Cloudflare Trading Up 10.3 %

Shares of NET stock opened at $139.54 on Tuesday. Cloudflare has a 1 year low of $66.24 and a 1 year high of $140.25. The firm has a market capitalization of $47.89 billion, a PE ratio of -536.69 and a beta of 1.10. The stock has a fifty day moving average of $112.25 and a two-hundred day moving average of $93.58. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting 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. As a group, research analysts expect that Cloudflare will post -0.1 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $24,422,966.37. This represents a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares in the company, valued at approximately $21,403,676.25. This represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 641,132 shares of company stock valued at $69,429,058 over the last three months. 12.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Empowered Funds LLC boosted its holdings in Cloudflare by 13.3% during the fourth quarter. Empowered Funds LLC now owns 4,960 shares of the company’s stock valued at $534,000 after acquiring an additional 582 shares during the period. Pacific Wealth Strategies Group Inc. acquired a new position in shares of Cloudflare during the 4th quarter worth about $215,000. Robocap Asset Management Ltd bought a new stake in Cloudflare during the 4th quarter valued at approximately $6,900,000. Generate Investment Management Ltd acquired a new stake in Cloudflare in the 4th quarter valued at approximately $12,946,000. Finally, Ameliora Wealth Management Ltd. bought a new position in Cloudflare in the 4th quarter worth approximately $141,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.