Cloudflare (NYSE:NET) Price Target Raised to $153.00

Cloudflare (NYSE:NET) had its price objective raised by Piper Sandler from $92.00 to $153.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

NET has been the subject of several other research reports. Needham & Company LLC upped their target price on Cloudflare from $110.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Royal Bank of Canada increased their price objective on shares of Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Truist Financial boosted their target price on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and raised their price target for the company from $95.00 to $136.00 in a report on Tuesday, December 17th. Finally, Cantor Fitzgerald initiated coverage on shares of Cloudflare in a report on Friday, January 17th. They issued a “neutral” rating and a $111.00 price objective on the stock. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average price target of $128.48.

Cloudflare Trading Up 17.9 %

NYSE NET opened at $166.88 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. Cloudflare has a one year low of $66.24 and a one year high of $171.38. The company’s 50 day moving average price is $118.89 and its 200 day moving average price is $97.11. The firm has a market capitalization of $57.27 billion, a price-to-earnings ratio of -758.52 and a beta of 1.12.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, sell-side analysts predict that Cloudflare will post -0.04 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.06, for a total value of $4,665,319.04. Following the sale, the chief executive officer now owns 192,177 shares of the company’s stock, valued at approximately $17,115,283.62. This trade represents a 21.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $136.63, for a total value of $2,049,450.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $34,549,491.47. The trade was a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 633,738 shares of company stock valued at $69,632,506 over the last quarter. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NET. Sequoia Financial Advisors LLC boosted its position in shares of Cloudflare by 30.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,649 shares of the company’s stock worth $393,000 after buying an additional 850 shares during the period. Miller Financial Services LLC acquired a new position in shares of Cloudflare during the fourth quarter valued at $445,000. Clare Market Investments LLC acquired a new position in shares of Cloudflare during the fourth quarter valued at $702,000. Independent Advisor Alliance lifted its holdings in Cloudflare by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 28,292 shares of the company’s stock worth $3,046,000 after purchasing an additional 130 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in Cloudflare by 3.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 23,552 shares of the company’s stock worth $2,536,000 after purchasing an additional 800 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

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.