Cloudflare (NYSE:NET) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Cloudflare (NYSE:NET) had its price objective raised by equities researchers at Morgan Stanley from $130.00 to $140.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 13.79% from the company’s current price.

A number of other research firms have also commented on NET. UBS Group upped their price target on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Piper Sandler raised their price target on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and boosted their price objective for the company from $95.00 to $136.00 in a research report on Tuesday, December 17th. Mizuho upped their price objective on shares of Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, December 13th. Finally, Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their target price for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $108.32.

Cloudflare Stock Performance

NYSE:NET opened at $123.03 on Tuesday. 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 fifty-two week low of $66.24 and a fifty-two week high of $123.13. The business has a 50 day moving average price of $109.35 and a 200-day moving average price of $92.22. The firm has a market cap of $42.22 billion, a PE ratio of -473.20 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings results 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 net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Equities research analysts predict that Cloudflare will post -0.1 earnings per share for the current year.

Insider Activity

In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Monday, November 4th. The stock was sold at an average price of $86.79, for a total value 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. The trade was a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares in the company, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 589,852 shares of company stock valued at $63,169,052 over the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently made changes to their positions in NET. Hartline Investment Corp increased its holdings in Cloudflare by 7.6% during the third quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after buying an additional 18,426 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in shares of Cloudflare in the 3rd quarter worth $25,588,000. Charles Schwab Investment Management Inc. raised its holdings in Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after purchasing an additional 29,960 shares during the period. National Pension Service lifted its position in Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after purchasing an additional 4,062 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Cloudflare during the second quarter valued at about $7,319,000. 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.