Brokerages Set Cloudflare, Inc. (NYSE:NET) PT at $92.29

Shares of Cloudflare, Inc. (NYSE:NET) have earned a consensus rating of “Hold” from the twenty-five analysts that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $92.29.

NET has been the topic of several research analyst reports. Guggenheim lifted their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Cantor Fitzgerald upped their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Susquehanna increased their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Wolfe Research started coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Finally, Royal Bank of Canada increased their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd.

Cloudflare Stock Performance

Shares of NET opened at $78.59 on Wednesday. The stock has a market capitalization of $26.70 billion, a P/E ratio of -148.28 and a beta of 1.10. Cloudflare has a 12-month low of $53.88 and a 12-month high of $116.00. The firm’s 50 day moving average is $79.69 and its 200-day moving average is $82.95. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.12) earnings per share. Equities research analysts anticipate that Cloudflare will post -0.12 EPS for the current fiscal year.

Insider Activity

In related news, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at $6,546,941.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of Cloudflare stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total transaction of $976,114.80. Following the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $14,632,356.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Janel Riley sold 3,495 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at approximately $6,546,941.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 597,702 shares of company stock valued at $48,088,422. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Riverview Trust Co bought a new stake in shares of Cloudflare in the 1st quarter worth about $27,000. Allspring Global Investments Holdings LLC boosted 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 valued at $27,000 after buying an additional 238 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Cloudflare during the second quarter worth about $29,000. Quarry LP increased its holdings in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares in the last quarter. Finally, ICA Group Wealth Management LLC bought a new position in shares of Cloudflare in the fourth quarter valued at approximately $38,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

About Cloudflare

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.