Cloudflare (NYSE:NET) PT Raised to $60.00 at Bank of America

Cloudflare (NYSE:NET) had its price objective boosted by Bank of America from $52.00 to $60.00 in a research note published on Friday, Benzinga reports. The firm currently has an underperform rating on the stock.

Other equities research analysts also recently issued reports about the company. DZ Bank downgraded Cloudflare from a buy rating to a hold rating and set a $110.00 target price for the company. in a report on Tuesday, February 13th. JMP Securities boosted their target price on shares of 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 raised their price target on shares of Cloudflare from $110.00 to $135.00 and gave the stock a buy rating in a report on Friday, February 9th. Robert W. Baird cut their price objective on shares of Cloudflare from $100.00 to $94.00 and set an outperform rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their target price on Cloudflare from $53.00 to $90.00 and gave the company a neutral rating in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare has a consensus rating of Hold and a consensus target price of $90.13.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $74.29 on Friday. Cloudflare has a twelve month low of $44.60 and a twelve month high of $116.00. The company’s fifty day moving average is $93.17 and its 200 day moving average is $83.83. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The firm had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. On average, sell-side analysts predict that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Douglas James Kramer sold 6,000 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.08, for a total transaction of $660,480.00. Following the completion of the transaction, the insider now owns 216,114 shares in the company, valued at $23,789,829.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction 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 $117,811,238.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,044,347 shares of company stock worth $101,703,776. 12.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Cloudflare during the first quarter valued at $27,000. Allspring Global Investments Holdings LLC grew its position in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in Cloudflare during the fourth quarter worth approximately $38,000. GAMMA Investing LLC purchased a new stake in Cloudflare during the fourth quarter valued at approximately $39,000. Finally, Pingora Partners LLC purchased a new position in shares of Cloudflare in the 4th quarter worth approximately $42,000. 82.68% of the stock is owned by 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.