Wells Fargo & Company Issues Positive Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its price objective lifted by Wells Fargo & Company from $135.00 to $150.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also commented on NET. Scotiabank boosted their price target on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Cantor Fitzgerald assumed coverage on Cloudflare in a research report on Friday, January 17th. They issued a “neutral” rating and a $111.00 price target for the company. Morgan Stanley boosted their price target on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Jefferies Financial Group boosted their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, Mizuho boosted their target price on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $108.92.

Cloudflare Trading Up 1.2 %

Shares of NYSE NET opened at $126.58 on Monday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The business has a fifty day simple moving average of $111.39 and a two-hundred day simple moving average of $93.18. The firm has a market cap of $43.44 billion, a PE ratio of -486.86 and a beta of 1.10. Cloudflare has a twelve month low of $66.24 and a twelve month high of $130.65.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate 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 7.18% and a negative net margin of 5.97%. Analysts expect that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the transaction, the chief executive officer now owns 192,177 shares of the company’s stock, valued at approximately $18,370,199.43. This represents a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 641,132 shares of company stock valued at $69,429,058 in the last quarter. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hartline Investment Corp grew its holdings in shares of Cloudflare by 7.6% during the third quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock worth $21,062,000 after buying an additional 18,426 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in Cloudflare in the 3rd quarter valued at approximately $25,588,000. Charles Schwab Investment Management Inc. boosted 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 valued at $93,656,000 after purchasing an additional 29,960 shares in the last quarter. National Pension Service lifted its position in shares of Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after acquiring an additional 4,062 shares during the period. Finally, Banque Cantonale Vaudoise lifted its position in shares of Cloudflare by 20.8% during the 3rd quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company’s stock valued at $2,973,000 after acquiring an additional 6,326 shares during the period. 82.68% of the stock is currently 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.