Cloudflare (NYSE:NET) Cut to Hold at Baird R W

Baird R W downgraded shares of Cloudflare (NYSE:NET) from a strong-buy rating to a hold rating in a report released on Monday,Zacks.com reports.

A number of other analysts have also recently weighed in on NET. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and upped their target price for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Wells Fargo & Company upped their price objective on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Cantor Fitzgerald assumed coverage on Cloudflare in a research report on Friday, January 17th. They set a “neutral” rating and a $111.00 target price for the company. Morgan Stanley upped their price target on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Finally, Piper Sandler lifted their price objective on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. 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 stock. According to MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and an average price target of $112.32.

Cloudflare Stock Up 2.9 %

NET opened at $144.14 on Monday. The business has a 50 day moving average of $116.71 and a 200-day moving average of $95.92. The stock has a market capitalization of $49.47 billion, a price-to-earnings ratio of -554.38 and a beta of 1.12. 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 1-year low of $66.24 and a 1-year high of $144.30.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $423.65 million. As a group, sell-side analysts anticipate that Cloudflare will post -0.1 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. The trade was a 1.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $136.63, for a total transaction of $2,049,450.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $34,549,491.47. This represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 633,738 shares of company stock worth $69,632,506. Corporate insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors have recently added to or reduced their stakes in the company. CVA Family Office LLC lifted its position in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares during the last quarter. Quarry LP raised its stake in Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares during the period. Capital Performance Advisors LLP acquired a new stake in Cloudflare during the 3rd quarter valued at $38,000. Versant Capital Management Inc boosted its position 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. Finally, GAMMA Investing LLC raised its position in shares of Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after purchasing an additional 217 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.