Piper Sandler Boosts Cloudflare (NYSE:NET) Price Target to $83.00

Cloudflare (NYSE:NET) had its target price increased by Piper Sandler from $82.00 to $83.00 in a research report report published on Friday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts also recently weighed in on NET. TD Cowen cut their price target on shares of Cloudflare from $117.00 to $110.00 and set a buy rating on the stock in a research report on Friday, May 3rd. JPMorgan Chase & Co. cut their price objective on Cloudflare from $90.00 to $80.00 and set a neutral rating for the company in a report on Friday, May 3rd. Morgan Stanley reaffirmed an equal weight rating and set a $92.00 price target on shares of Cloudflare in a report on Monday, June 17th. Needham & Company LLC reaffirmed a buy rating and set a $135.00 price target on shares of Cloudflare in a report on Friday. Finally, The Goldman Sachs Group dropped their target price on Cloudflare from $77.00 to $68.00 and set a sell rating for the company in a report on Tuesday, June 4th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $92.29.

Cloudflare Stock Performance

Cloudflare stock traded down $0.68 during trading hours on Friday, hitting $78.78. The stock had a trading volume of 3,851,152 shares, compared to its average volume of 3,594,169. The company has a 50-day moving average of $77.83 and a two-hundred day moving average of $85.28. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The company has a market cap of $26.77 billion, a PE ratio of -149.53 and a beta of 1.10. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. The business’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.12) EPS. On average, equities research analysts anticipate that Cloudflare will post -0.19 EPS for the current fiscal year.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 28,634 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $75.13, for a total transaction of $2,151,272.42. Following the completion of the sale, the chief financial officer now owns 309,937 shares in the company, valued at $23,285,566.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Thomas J. Seifert sold 28,634 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $75.13, for a total value of $2,151,272.42. Following the completion of the transaction, the chief financial officer now owns 309,937 shares of the company’s stock, valued at $23,285,566.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Katrin Suder sold 574 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total value of $38,521.14. Following the transaction, the director now directly owns 51,162 shares of the company’s stock, valued at $3,433,481.82. The disclosure for this sale can be found here. Insiders have sold 638,826 shares of company stock worth $49,667,368 over the last ninety days. 12.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently modified their holdings of the business. Nomura Asset Management Co. Ltd. increased its holdings in Cloudflare by 6.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 69,760 shares of the company’s stock worth $5,808,000 after purchasing an additional 4,300 shares during the period. Truist Financial Corp increased its stake in Cloudflare by 1.2% during the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock worth $2,364,000 after buying an additional 331 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Cloudflare by 5.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 65,790 shares of the company’s stock worth $5,478,000 after purchasing an additional 3,164 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Cloudflare during the 4th quarter worth approximately $11,639,000. Finally, Vanguard Group Inc. lifted its holdings in Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

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.