Cloudflare (NYSE:NET) Price Target Raised to $85.00 at Cantor Fitzgerald

Cloudflare (NYSE:NET) had its price target lifted by Cantor Fitzgerald from $80.00 to $85.00 in a research report released on Friday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on NET. Guggenheim reiterated a sell rating and issued a $50.00 price target on shares of Cloudflare in a report on Tuesday, June 25th. Needham & Company LLC reaffirmed a buy rating and issued a $135.00 price objective on shares of Cloudflare in a research note on Friday. Scotiabank initiated coverage on shares of Cloudflare in a report on Monday, July 8th. They issued a sector perform rating and a $85.00 target price for the company. KeyCorp dropped their price objective on shares of Cloudflare from $132.00 to $94.00 and set an overweight rating for the company in a research note on Friday, May 3rd. Finally, DZ Bank raised shares of Cloudflare from a hold rating to a buy rating and set a $95.00 price target for the company in a research note on Tuesday, May 7th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of Hold and a consensus price target of $92.29.

Cloudflare Stock Performance

Shares of NYSE NET traded down $0.13 during midday trading on Friday, hitting $77.57. 1,439,797 shares of the stock traded hands, compared to its average volume of 3,591,129. The firm has a market capitalization of $26.36 billion, a P/E ratio of -146.47 and a beta of 1.10. Cloudflare has a one year low of $53.88 and a one year high of $116.00. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. The firm has a 50-day moving average of $77.83 and a two-hundred day moving average of $85.28.

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

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $18,027,680.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the completion of the transaction, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $18,027,680.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total transaction of $3,798,363.84. Following the sale, the chief executive officer now owns 230,612 shares in the company, valued at $16,721,676.12. The disclosure for this sale can be found here. Insiders have sold 653,826 shares of company stock worth $50,848,018 in the last ninety days. 12.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NET. Cigna Investments Inc. New grew its stake in shares of Cloudflare by 4.2% during the 1st quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock worth $307,000 after purchasing an additional 129 shares during the period. Yousif Capital Management LLC boosted its position in shares of Cloudflare by 4.0% in the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after buying an additional 130 shares in the last quarter. Forum Financial Management LP grew its stake in Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock valued at $234,000 after acquiring an additional 162 shares during the last quarter. Soltis Investment Advisors LLC raised its position in Cloudflare by 0.5% during the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after acquiring an additional 168 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Cloudflare by 34.4% in the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock valued at $65,000 after purchasing an additional 171 shares during the last quarter. 82.68% of the stock is 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.