Cloudflare (NYSE:NET) Now Covered by Analysts at BNP Paribas

BNP Paribas started coverage on shares of Cloudflare (NYSE:NET) in a research note published on Tuesday, MarketBeat.com reports. The brokerage issued an underperform rating and a $65.00 price target on the stock.

A number of other equities research analysts have also commented on NET. Scotiabank began coverage on shares of Cloudflare in a report on Monday, July 8th. They set a sector perform rating and a $85.00 price target for the company. Susquehanna increased their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a neutral rating in a report on Monday, August 5th. Piper Sandler boosted their price target on Cloudflare from $82.00 to $83.00 and gave the company a neutral rating in a report on Friday, August 2nd. Cantor Fitzgerald increased their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a neutral rating in a report on Friday, August 2nd. Finally, Needham & Company LLC reissued a buy rating and set a $135.00 target price on shares of Cloudflare in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $91.20.

Cloudflare Stock Performance

Shares of NYSE:NET opened at $92.46 on Tuesday. The company’s fifty day moving average is $80.60 and its 200 day moving average is $81.20. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare has a 52 week low of $53.88 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. Cloudflare’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.12) EPS. As a group, equities research analysts predict that Cloudflare will post -0.13 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total value of $231,510.00. Following the sale, the insider now directly owns 195,303 shares of the company’s stock, valued at approximately $15,071,532.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, COO Michelle Zatlyn sold 35,117 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $16,092,901.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $77.17, for a total value of $231,510.00. Following the completion of the transaction, the insider now directly owns 195,303 shares in the company, valued at $15,071,532.51. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 417,784 shares of company stock valued at $33,130,625 in the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of the business. CVA Family Office LLC grew its stake in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the period. Riverview Trust Co bought a new stake in Cloudflare in the 1st quarter worth approximately $27,000. Allspring Global Investments Holdings LLC grew its position in 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 during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare during the 2nd quarter valued at $29,000. Finally, Quarry LP lifted its holdings in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares during the period. Institutional investors own 82.68% of the company’s stock.

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.