Cloudflare (NYSE:NET) Raised to Buy at Citigroup

Cloudflare (NYSE:NET) was upgraded by analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Friday, MarketBeat.com reports. The firm presently has a $145.00 price objective on the stock, up from their previous price objective of $95.00. Citigroup’s price objective points to a potential upside of 23.80% from the stock’s previous close.

NET has been the topic of a number of other reports. Wells Fargo & Company raised their price target on Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. BNP Paribas started coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Scotiabank boosted their price objective on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and raised their target price for the company from $95.00 to $136.00 in a research note on Tuesday, December 17th. Finally, Royal Bank of Canada lifted their target price on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $107.00.

Cloudflare Stock Up 2.0 %

NET stock opened at $117.13 on Friday. The firm has a fifty day moving average price of $107.72 and a two-hundred day moving average price of $91.49. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a 1-year low of $66.24 and a 1-year high of $121.02. The firm has a market cap of $40.20 billion, a price-to-earnings ratio of -450.49 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Research analysts predict that Cloudflare will post -0.1 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $86.79, for a total value of $1,301,850.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at $24,422,966.37. The trade was a 5.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the transaction, the insider now owns 185,386 shares in the company, valued at $16,425,199.60. This represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 524,852 shares of company stock valued at $55,386,256 in the last quarter. Company insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

A number of large investors have recently bought and sold shares of the business. CVA Family Office LLC boosted its stake in shares of Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares in the last quarter. Quarry LP grew its holdings in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Cloudflare in the third quarter valued at approximately $38,000. Quest Partners LLC acquired a new stake in shares of Cloudflare in the third quarter worth $54,000. Finally, Versant Capital Management Inc lifted its stake in shares of Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after buying an additional 170 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

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.