Cloudflare (NYSE:NET) Given New $99.00 Price Target at Royal Bank of Canada

Cloudflare (NYSE:NET) had its target price hoisted by Royal Bank of Canada from $90.00 to $99.00 in a research note issued to investors on Friday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other equities analysts have also commented on NET. Bank of America upped their price objective on shares of Cloudflare from $52.00 to $60.00 and gave the stock an underperform rating in a report on Friday, May 3rd. Guggenheim restated a sell rating and set a $50.00 price target on shares of Cloudflare in a research report on Tuesday, June 25th. TD Cowen cut their price objective on Cloudflare from $117.00 to $110.00 and set a buy rating on the stock in a report on Friday, May 3rd. Wells Fargo & Company cut their price target on shares of Cloudflare from $125.00 to $105.00 and set an overweight rating on the stock in a research note on Friday, May 3rd. Finally, JMP Securities reissued a market outperform rating and issued a $120.00 price objective on shares of Cloudflare in a research note on Tuesday, May 14th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned 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 $92.29.

Cloudflare Price Performance

Shares of Cloudflare stock traded down $0.13 on Friday, hitting $77.57. The company’s stock had a trading volume of 1,439,797 shares, compared to its average volume of 3,591,129. The company has a market capitalization of $26.36 billion, a price-to-earnings ratio of -146.47 and a beta of 1.10. The firm has a fifty day moving average price of $77.83 and a 200-day moving average price of $85.28. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a 1 year low of $53.88 and a 1 year high of $116.00.

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

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $78.71, for a total transaction of $1,180,650.00. Following the completion of the transaction, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at approximately $24,395,141.27. The sale 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 firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $78.71, for a total transaction of $1,180,650.00. Following the completion of the sale, the chief financial officer now directly owns 309,937 shares in the company, valued at $24,395,141.27. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carl Ledbetter sold 30,145 shares of Cloudflare stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $72.86, for a total value of $2,196,364.70. Following the sale, the director now directly owns 1,166,648 shares of the company’s stock, valued at approximately $85,001,973.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 653,826 shares of company stock valued at $50,848,018. 12.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

A number of hedge funds have recently bought and sold shares of NET. Raymond James & Associates lifted its position in Cloudflare by 300.8% in the fourth quarter. Raymond James & Associates now owns 55,857 shares of the company’s stock worth $4,651,000 after purchasing an additional 41,920 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in Cloudflare by 18.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 18,602 shares of the company’s stock worth $1,549,000 after purchasing an additional 2,893 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Cloudflare during the fourth quarter worth about $216,000. Ballentine Partners LLC bought a new stake in shares of Cloudflare in the 4th quarter valued at approximately $210,000. Finally, Arizona State Retirement System boosted its position in Cloudflare by 25.1% in the 4th quarter. Arizona State Retirement System now owns 93,872 shares of the company’s stock valued at $7,816,000 after buying an additional 18,835 shares during the last quarter. 82.68% of the stock is currently owned by 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.