Cloudflare (NYSE:NET) Price Target Cut to $105.00 by Analysts at Wells Fargo & Company

Cloudflare (NYSE:NET) had its target price reduced by Wells Fargo & Company from $125.00 to $105.00 in a research note released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also issued reports on the stock. Robert W. Baird cut their target price on shares of Cloudflare from $100.00 to $94.00 and set an outperform rating for the company in a research report on Friday. Truist Financial upped their price target on shares of Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a research report on Friday, February 9th. TD Cowen dropped their price target on shares of Cloudflare from $117.00 to $110.00 and set a buy rating for the company in a research report on Friday. JMP Securities boosted their target price on shares of Cloudflare from $75.00 to $90.00 and gave the stock a market outperform rating in a report on Wednesday, January 31st. Finally, Sanford C. Bernstein initiated coverage on shares of Cloudflare in a report on Thursday, January 18th. They issued a market perform rating and a $85.00 target price on the stock. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $90.13.

Cloudflare Stock Performance

Shares of NET stock opened at $74.29 on Friday. The company has a 50 day moving average price of $93.17 and a 200-day moving average price of $83.83. Cloudflare has a 52 week low of $44.60 and a 52 week high of $116.00. The firm has a market capitalization of $25.08 billion, a PE ratio of -140.17 and a beta of 1.15. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company 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 12.78%. As a group, equities research analysts expect that Cloudflare will post -0.2 earnings per share for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 12,183 shares of the company’s stock, valued at approximately $1,152,389.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Cloudflare 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 transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 12,183 shares of the company’s stock, valued at $1,152,389.97. The disclosure for this sale can be found here. Insiders sold 1,044,347 shares of company stock valued at $101,703,776 in the last three months. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Cloudflare by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after purchasing an additional 740,914 shares during the period. Capital World Investors grew its stake in shares of Cloudflare by 1.8% during the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after purchasing an additional 487,308 shares during the period. 1832 Asset Management L.P. grew its stake in shares of Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after purchasing an additional 1,597,900 shares during the period. Norges Bank acquired a new stake in shares of Cloudflare during the 4th quarter worth approximately $221,858,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Cloudflare by 0.9% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock worth $109,451,000 after purchasing an additional 14,984 shares during the period. 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.