Cloudflare (NYSE:NET) Hits New 1-Year High on Analyst Upgrade

Cloudflare, Inc. (NYSE:NET) shares reached a new 52-week high on Wednesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $140.25 and last traded at $139.54, with a volume of 7634538 shares traded. The stock had previously closed at $126.47.

A number of other equities research analysts have also commented on the stock. Mizuho raised 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. UBS Group raised their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Scotiabank raised their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Finally, Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and raised their target price for the company from $95.00 to $136.00 in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $109.72.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the sale, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at $21,403,676.25. The trade was a 12.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the sale, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 641,132 shares of company stock valued at $69,429,058 in the last ninety days. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after acquiring an additional 121,810 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after acquiring an additional 29,960 shares in the last quarter. Swiss National Bank grew its stake in Cloudflare by 1.1% during the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after acquiring an additional 10,100 shares in the last quarter. National Pension Service grew its stake 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 acquiring an additional 4,062 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc grew its stake in Cloudflare by 16.8% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 395,303 shares of the company’s stock valued at $42,602,000 after acquiring an additional 56,906 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 2.5 %

The firm’s 50 day moving average is $113.05 and its 200 day moving average is $93.88. The company has a market cap of $46.82 billion, a PE ratio of -524.77 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share 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 firm had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current year.

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.