Cloudflare (NYSE:NET) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Cloudflare (NYSE:NET) from a sell rating to a buy rating in a research report released on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $140.00 target price on the stock, up from their prior target price of $77.00.

Several other research analysts have also issued reports on the stock. Scotiabank increased their target price on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Mizuho increased their price target on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Wells Fargo & Company lifted their target price on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. UBS Group boosted their price target on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, BNP Paribas initiated coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Cloudflare has a consensus rating of “Hold” and a consensus target price of $101.37.

Cloudflare Stock Performance

Shares of NYSE:NET opened at $114.73 on Thursday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a 1 year low of $66.24 and a 1 year high of $119.42. The stock has a market capitalization of $39.37 billion, a price-to-earnings ratio of -441.27 and a beta of 1.10. The company’s 50 day simple moving average is $102.82 and its 200 day simple moving average is $89.09.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, research analysts predict that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total transaction of $4,921,476.80. Following the sale, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $1,010,995.95. The trade was a 82.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total value of $1,690,800.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $28,503,393.68. This represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 614,592 shares of company stock valued at $60,146,600. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Hedge funds have recently modified their holdings of the business. Everence Capital Management Inc. purchased a new position in Cloudflare during the 4th quarter valued at about $803,000. GAMMA Investing LLC increased its stake in shares of Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after purchasing an additional 217 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Cloudflare by 18.0% in the 3rd quarter. Tidal Investments LLC now owns 23,238 shares of the company’s stock worth $1,880,000 after purchasing an additional 3,550 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Cloudflare in the 3rd quarter worth approximately $204,000. Institutional investors own 82.68% of the company’s stock.

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.