Cloudflare (NYSE:NET) Price Target Lowered to $110.00 at Oppenheimer

Cloudflare (NYSE:NET) had its price objective lowered by analysts at Oppenheimer from $122.00 to $110.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price suggests a potential upside of 47.85% from the company’s previous close.

Several other equities research analysts also recently commented on NET. Needham & Company LLC boosted their price objective on Cloudflare from $110.00 to $135.00 and gave the company a “buy” rating in a report on Friday, February 9th. Mizuho reduced their price target on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a research report on Friday. Cantor Fitzgerald restated a “neutral” rating and set a $100.00 price objective on shares of Cloudflare in a report on Wednesday, April 17th. Morgan Stanley lifted their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a report on Monday, February 12th. Finally, Susquehanna upped their target price on shares of Cloudflare from $75.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $90.17.

Cloudflare Stock Down 16.4 %

Shares of NYSE NET opened at $74.40 on Friday. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The firm has a market cap of $25.12 billion, a PE ratio of -140.38 and a beta of 1.15. The company’s fifty day simple moving average is $93.67 and its 200 day simple moving average is $83.60. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 13.22%. As a group, sell-side analysts forecast that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the sale, the director now owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 50,000 shares of Cloudflare stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the completion of the sale, the chief financial officer now directly owns 366,465 shares in the company, valued at approximately $40,351,461.15. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Riverview Trust Co purchased a new stake in Cloudflare during the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC raised its position in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. ICA Group Wealth Management LLC purchased a new stake in shares of Cloudflare during the 4th quarter valued at approximately $38,000. GAMMA Investing LLC purchased a new stake in shares of Cloudflare during the 4th quarter valued at approximately $39,000. Finally, Pingora Partners LLC purchased a new position in Cloudflare in the 4th quarter valued at approximately $42,000. Institutional investors 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.