Wells Fargo & Company Increases Cloudflare (NYSE:NET) Price Target to $150.00

Cloudflare (NYSE:NET) had its price objective raised by Wells Fargo & Company from $135.00 to $150.00 in a report published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages have also weighed in on NET. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and increased their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. Royal Bank of Canada increased their price target on shares of Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Scotiabank lifted their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 21st. Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and increased their price objective for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. Finally, UBS Group boosted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $109.72.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $136.44 on Monday. The company has a 50 day moving average price of $113.05 and a 200 day moving average price of $93.88. The firm has a market capitalization of $46.83 billion, a P/E ratio of -524.77 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 52 week low of $66.24 and a 52 week high of $140.25.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Sell-side analysts expect that Cloudflare will post -0.1 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the sale, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $18,370,199.43. The trade was a 21.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $86.79, for a total value of $1,301,850.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $24,422,966.37. This represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 641,132 shares of company stock worth $69,429,058. Corporate insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently bought and sold shares of the business. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in Cloudflare in the 3rd quarter valued at about $25,588,000. International Assets Investment Management LLC purchased a new stake in shares of Cloudflare in the third quarter valued at approximately $147,160,000. Parnassus Investments LLC increased its holdings in shares of Cloudflare by 1,851.9% in the third quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after purchasing an additional 131,319 shares during the last quarter. Geode Capital Management LLC lifted its position in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after buying an additional 121,810 shares in the last quarter. Finally, Generate Investment Management Ltd acquired a new position in Cloudflare during the fourth quarter worth $12,946,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.