Cloudflare (NYSE:NET) Price Target Cut to $94.00

Cloudflare (NYSE:NET) had its price target dropped by stock analysts at Robert W. Baird from $100.00 to $94.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 26.34% from the stock’s current price.

NET has been the topic of a number of other research reports. Wells Fargo & Company boosted their price target on Cloudflare from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, February 9th. Truist Financial lifted their price objective on shares of Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. JMP Securities upped their target price on Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a research report on Wednesday, January 31st. Needham & Company LLC lifted their price target on Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, JPMorgan Chase & Co. increased their price objective on Cloudflare from $53.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $90.17.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $74.40 on Friday. Cloudflare has a one year low of $39.90 and a one year high of $116.00. The company has a market capitalization of $25.12 billion, a PE ratio of -140.38 and a beta of 1.15. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. The company has a 50-day simple moving average of $93.67 and a two-hundred day simple moving average of $83.60.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 13.22%. Research analysts expect that Cloudflare will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the sale, the chief executive officer now directly owns 12,183 shares in the company, valued at approximately $1,152,389.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Michelle Zatlyn sold 277,376 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the completion of the sale, the chief operating officer now owns 38,545 shares of the company’s stock, valued at approximately $3,899,597.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the transaction, the chief executive officer now directly owns 12,183 shares in the company, valued at $1,152,389.97. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,029,347 shares of company stock worth $100,594,226. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Cigna Investments Inc. New raised its holdings in shares of Cloudflare by 4.2% during the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock valued at $307,000 after acquiring an additional 129 shares during the last quarter. Yousif Capital Management LLC increased its position in shares of Cloudflare by 4.0% during the fourth quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after purchasing an additional 130 shares in the last quarter. Kingswood Wealth Advisors LLC raised its stake in Cloudflare by 0.5% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock valued at $2,278,000 after purchasing an additional 132 shares during the last quarter. Quent Capital LLC lifted its holdings in Cloudflare by 8.1% in the 4th quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock valued at $156,000 after purchasing an additional 140 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cloudflare by 34.4% during the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after purchasing an additional 171 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.