Cloudflare (NYSE:NET) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Cloudflare (NYSE:NET) had its target price upped by Royal Bank of Canada from $99.00 to $123.00 in a research note published on Friday, MarketBeat.com reports. They currently have an outperform rating on the stock.

NET has been the subject of a number of other reports. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $92.00 to $130.00 in a research note on Monday, December 2nd. Wells Fargo & Company lifted their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Mizuho upped their target price on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. UBS Group raised their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Scotiabank boosted their price target on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus target price of $101.37.

Cloudflare Price Performance

NYSE NET opened at $114.73 on Friday. The firm’s fifty day simple moving average is $102.82 and its two-hundred day simple moving average is $89.09. The firm has a market capitalization of $39.37 billion, a P/E ratio of -441.27 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 12-month low of $66.24 and a 12-month high of $119.42.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Analysts forecast that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $111.90, for a total value of $5,861,769.60. Following the transaction, the chief executive officer now owns 10,762 shares in the company, valued at $1,204,267.80. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $90.88, for a total value of $1,363,200.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 614,592 shares of company stock valued at $60,146,600. 12.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Everence Capital Management Inc. purchased a new position in shares of Cloudflare in the fourth quarter worth about $803,000. GAMMA Investing LLC raised its holdings in Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after acquiring an additional 217 shares during the last quarter. Versant Capital Management Inc lifted its stake in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Cloudflare by 18.0% during the 3rd quarter. Tidal Investments LLC now owns 23,238 shares of the company’s stock worth $1,880,000 after purchasing an additional 3,550 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Cloudflare in the third quarter valued at approximately $204,000. Institutional investors and hedge funds 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.