Cloudflare (NYSE:NET) Price Target Raised to $160.00

Cloudflare (NYSE:NET) had its price target lifted by equities researchers at Needham & Company LLC from $110.00 to $160.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 14.21% from the company’s current price.

Several other analysts have also commented on NET. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their price target for the company from $95.00 to $145.00 in a research report on Friday, January 17th. Royal Bank of Canada upped their price target on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Jefferies Financial Group raised their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Wells Fargo & Company boosted their price target on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Finally, Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $136.00 in a research note on Tuesday, December 17th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus target price of $112.32.

Cloudflare Trading Up 2.4 %

NET opened at $140.10 on Monday. The firm has a market capitalization of $48.08 billion, a price-to-earnings ratio of -538.83 and a beta of 1.12. The company’s 50 day simple moving average is $115.82 and its two-hundred day simple moving average is $95.58. Cloudflare has a 1-year low of $66.24 and a 1-year high of $142.41. 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 released 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). 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 expect that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the sale, the chief executive officer now owns 192,177 shares in the company, valued at approximately $18,370,199.43. This trade represents a 21.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michelle Zatlyn sold 35,118 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the sale, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $18,212,582.70. The trade was a 16.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 616,257 shares of company stock worth $67,256,408 over the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NET. CVA Family Office LLC raised its holdings in Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares during the last quarter. Quarry LP grew its stake in Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare in the third quarter valued at $38,000. Quest Partners LLC acquired a new position in shares of Cloudflare during the 3rd quarter valued at about $54,000. Finally, Versant Capital Management Inc raised its stake in Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors 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.