Cloudflare (NYSE:NET) Cut to Market Perform at Oppenheimer

Oppenheimer lowered shares of Cloudflare (NYSE:NET) from an outperform rating to a market perform rating in a research report report published on Friday morning, Marketbeat reports.

NET has been the subject of a number of other reports. Mizuho upped their price target on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, December 13th. Scotiabank raised their price target on shares of 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 started coverage on shares of Cloudflare in a report on Friday, January 17th. They set a “neutral” rating and a $111.00 price objective on the stock. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and increased their target price for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Finally, Truist Financial upped their price target on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and a consensus price target of $128.48.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $166.88 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a fifty day simple moving average of $118.89 and a 200-day simple moving average of $97.11. The stock has a market capitalization of $57.27 billion, a price-to-earnings ratio of -758.52 and a beta of 1.12. Cloudflare has a 1-year low of $66.24 and a 1-year high of $171.38.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, sell-side analysts expect that Cloudflare will post -0.04 earnings per share for the current year.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the transaction, the chief executive officer now owns 192,177 shares in the company, valued at $17,115,283.62. This represents a 21.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 28,635 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $24,030,141.07. This represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 633,738 shares of company stock valued at $69,632,506 in the last three months. 12.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Cloudflare by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares during the period. Bank of New York Mellon Corp increased its position in Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after purchasing an additional 23,641 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Cloudflare by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock worth $131,559,000 after purchasing an additional 63,945 shares during the last quarter. Swiss National Bank lifted its position in Cloudflare by 1.1% during the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after purchasing an additional 10,100 shares during the period. Finally, Peregrine Capital Management LLC boosted its stake in shares of Cloudflare by 0.4% in the 4th quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock valued at $71,250,000 after purchasing an additional 2,483 shares during the last quarter. Institutional investors and hedge funds 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.