Cloudflare (NYSE:NET) Price Target Raised to $87.00 at Scotiabank

Cloudflare (NYSE:NET) had its price target boosted by investment analysts at Scotiabank from $85.00 to $87.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s target price indicates a potential downside of 9.09% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Robert W. Baird boosted their target price on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Cantor Fitzgerald boosted their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Susquehanna upped their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Wolfe Research initiated coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Royal Bank of Canada increased their target price on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $92.16.

Cloudflare Stock Performance

Shares of NET opened at $95.70 on Friday. The firm’s 50 day moving average is $84.59 and its 200-day moving average is $80.69. The stock has a market capitalization of $32.70 billion, a P/E ratio of -330.00 and a beta of 1.10. 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 has a 12-month low of $61.34 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Equities research analysts anticipate that Cloudflare will post -0.13 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at $15,114,520.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80. Following the completion of the sale, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at $1,010,995.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 477,043 shares of company stock worth $39,737,342 over the last 90 days. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its stake in shares of Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. Vanguard Group Inc. lifted its stake in Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after acquiring an additional 412,864 shares during the period. Capital World Investors increased its holdings in shares of Cloudflare by 2.1% during the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after acquiring an additional 584,566 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Cloudflare by 1.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock worth $137,616,000 after purchasing an additional 19,446 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in Cloudflare by 123.4% during the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after purchasing an additional 855,334 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.