Cloudflare (NYSE:NET) Rating Increased to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Cloudflare (NYSE:NET) from a sell rating to a buy rating in a research note published on Thursday, Marketbeat reports. The Goldman Sachs Group currently has $140.00 price objective on the stock, up from their prior price objective of $77.00.

NET has been the topic of several other research reports. Jefferies Financial Group boosted their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Mizuho boosted their price target on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. UBS Group raised their price objective on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and boosted their target price for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. Finally, BNP Paribas initiated coverage on Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price on the stock. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $100.48.

Cloudflare Stock Up 4.5 %

Shares of NYSE:NET opened at $112.54 on Thursday. The firm has a market capitalization of $38.62 billion, a P/E ratio of -432.85 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a 50 day moving average price of $102.30 and a 200-day moving average price of $88.83. Cloudflare has a 52-week low of $66.24 and a 52-week high of $119.42.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. As a group, equities research analysts anticipate that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $25,573,904.64. The trade was a 5.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $15,681,643.20. This represents a 25.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 614,592 shares of company stock valued at $60,146,600 in the last quarter. 12.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its stake in Cloudflare by 13.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after acquiring an additional 119 shares during the period. Quarry LP raised its position in shares of Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after purchasing an additional 133 shares during the period. Elo Mutual Pension Insurance Co lifted its stake in shares of Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after buying an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after buying an additional 137 shares during the period. Finally, CVA Family Office LLC increased its stake in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

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.