Cloudflare (NYSE:NET) Stock Rating Upgraded by Bank of America

Cloudflare (NYSE:NET) was upgraded by research analysts at Bank of America from an “underperform” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm currently has a $160.00 target price on the stock. Bank of America‘s price target suggests a potential upside of 28.81% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. Piper Sandler decreased their price target on shares of Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. UBS Group dropped their price objective on Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. JPMorgan Chase & Co. lifted their target price on Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, Robert W. Baird reissued a “neutral” rating and set a $140.00 price target (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $135.64.

Cloudflare Stock Up 4.2 %

Shares of NYSE:NET opened at $124.22 on Tuesday. The firm has a market capitalization of $42.86 billion, a PE ratio of -564.61 and a beta of 1.27. The business has a 50 day simple moving average of $137.01 and a two-hundred day simple moving average of $110.56. Cloudflare has a 1 year low of $66.24 and a 1 year high of $177.37. 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 posted its quarterly earnings data 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, equities analysts predict that Cloudflare will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. This represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 566,766 shares of company stock worth $73,779,200. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

A number of large investors have recently made changes to their positions in NET. Quarry LP lifted its position in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares during the period. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Cloudflare in the fourth quarter worth about $43,000. Quest Partners LLC acquired a new stake in shares of Cloudflare during the third quarter worth about $54,000. Park Square Financial Group LLC acquired a new position in Cloudflare in the 4th quarter worth approximately $56,000. Finally, Larson Financial Group LLC raised its position in Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after buying an additional 517 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.