Cloudflare (NYSE:NET) Price Target Raised to $92.00

Cloudflare (NYSE:NET) had its target price raised by Piper Sandler from $83.00 to $92.00 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also commented on NET. Wolfe Research started coverage on Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Susquehanna upped their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. BNP Paribas started coverage on Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Scotiabank upped their target price on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday. Finally, Guggenheim upped their target price on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $92.88.

Cloudflare Stock Performance

Shares of NET opened at $93.17 on Friday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The stock has a 50 day moving average price of $84.99 and a two-hundred day moving average price of $80.68. The firm has a market capitalization of $31.84 billion, a P/E ratio of -358.35 and a beta of 1.10. Cloudflare has a 52 week low of $62.39 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative return on equity of 7.53% and a negative net margin of 5.97%. Equities analysts forecast that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the transaction, the insider now owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $78.05, for a total value of $1,170,750.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at approximately $21,963,504.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 477,043 shares of company stock worth $39,737,342. Corporate 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. Baillie Gifford & Co. raised its position in Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares during the last quarter. Marshall Wace LLP raised its position in Cloudflare by 123.4% during the 2nd 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 last quarter. Capital World Investors raised its position in Cloudflare by 2.1% during the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after purchasing an additional 584,566 shares during the last quarter. Vanguard Group Inc. raised its position in Cloudflare by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after purchasing an additional 412,864 shares during the last quarter. Finally, WIM INVESTMENT MANAGEMENT Ltd bought a new position in Cloudflare during the 3rd quarter valued at approximately $25,588,000. Institutional investors own 82.68% of the company’s stock.

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.