Cloudflare (NYSE:NET) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Cloudflare (NYSE:NET) in a report released on Friday morning, Marketbeat.com reports. The firm issued a neutral rating and a $111.00 target price on the stock.

NET has been the subject of several other research reports. Mizuho increased their target price on shares of Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, December 13th. Jefferies Financial Group increased their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and raised their price objective for the company from $95.00 to $145.00 in a report on Friday. Wells Fargo & Company increased their price target on Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday, January 7th. Finally, Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $92.00 to $130.00 in a research note on Monday, December 2nd. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $106.15.

Cloudflare Price Performance

NET opened at $117.13 on Friday. Cloudflare has a twelve month low of $66.24 and a twelve month high of $121.02. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s fifty day moving average is $107.72 and its two-hundred day moving average is $91.45.

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

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total value of $5,957,632.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares in the company, valued at $1,223,962.26. The trade was a 82.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $24,422,966.37. This represents a 5.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 524,852 shares of company stock worth $55,386,256. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. CVA Family Office LLC lifted its position in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares in the last quarter. Quarry LP raised its stake in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $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 purchased a new position in shares of Cloudflare during the third quarter valued at approximately $54,000. Finally, Versant Capital Management Inc grew its holdings in Cloudflare by 44.9% during 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 in the last quarter. Institutional investors own 82.68% of the company’s stock.

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.