Analysts Set Cloudflare, Inc. (NYSE:NET) Price Target at $90.96

Shares of Cloudflare, Inc. (NYSE:NET) have been given an average recommendation of “Hold” by the twenty-three analysts that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $90.96.

NET has been the topic of several analyst reports. Royal Bank of Canada cut their target price on Cloudflare from $108.00 to $90.00 and set an “outperform” rating on the stock in a research report on Friday, May 31st. JPMorgan Chase & Co. cut their target price on Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. DZ Bank upgraded Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Tuesday, May 7th. Robert W. Baird dropped their price target on Cloudflare from $100.00 to $94.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, Mizuho dropped their price target on Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd.

Insider Activity at Cloudflare

In related news, COO Michelle Zatlyn sold 102,580 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the sale, the chief operating officer now directly owns 211,394 shares in the company, valued at approximately $17,444,232.88. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $87.02, for a total transaction of $1,305,300.00. Following the completion of the transaction, the chief financial officer now directly owns 338,469 shares in the company, valued at $29,453,572.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Michelle Zatlyn sold 102,580 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $82.52, for a total value of $8,464,901.60. Following the transaction, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $17,444,232.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 821,025 shares of company stock worth $66,626,900. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new position in Cloudflare during the first quarter worth about $27,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares in the last quarter. ICA Group Wealth Management LLC purchased a new position in shares of Cloudflare in the 4th quarter worth about $38,000. GAMMA Investing LLC purchased a new position in shares of Cloudflare in the 4th quarter worth about $39,000. Finally, Pingora Partners LLC purchased a new position in shares of Cloudflare in the 4th quarter worth about $42,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Stock Down 0.6 %

Shares of NYSE:NET opened at $84.53 on Friday. The stock has a market cap of $28.72 billion, a price-to-earnings ratio of -159.49 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a 12-month low of $53.88 and a 12-month high of $116.00. The business’s 50 day moving average is $76.71 and its 200 day moving average is $85.43.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $378.60 million for the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, sell-side analysts forecast that Cloudflare will post -0.19 earnings per share for the current fiscal year.

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.