Cloudflare (NYSE:NET) Downgraded to Hold Rating by Baird R W

Cloudflare (NYSE:NET) was downgraded by analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC lifted their price objective on shares of Cloudflare from $110.00 to $160.00 and gave the company a “buy” rating in a report on Monday. Royal Bank of Canada boosted their price target on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company raised their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and increased their target price for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a report on Monday. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and an average target price of $112.32.

Cloudflare Stock Down 1.1 %

Shares of NET opened at $136.88 on Monday. The company’s fifty day moving average is $115.06 and its two-hundred day moving average is $95.15. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $142.41. The firm has a market cap of $46.98 billion, a PE ratio of -526.47 and a beta of 1.12. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS 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 company had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Analysts forecast that Cloudflare will post -0.1 earnings per share for the current year.

Insider Activity

In related news, CFO Thomas J. Seifert sold 28,635 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total value of $2,721,184.05. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $24,030,141.07. This represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total transaction of $5,007,386.56. Following the sale, the chief executive officer now owns 192,177 shares in the company, valued at approximately $18,370,199.43. This trade represents a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 616,257 shares of company stock valued at $67,256,408 in the last three months. 12.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors have recently made changes to their positions in NET. WIM INVESTMENT MANAGEMENT Ltd purchased a new position in shares of Cloudflare in the third quarter valued at about $25,588,000. International Assets Investment Management LLC acquired a new position in shares of Cloudflare in the 3rd quarter valued at $147,160,000. Parnassus Investments LLC lifted its position in shares of Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after buying an additional 131,319 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cloudflare by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares in the last quarter. Finally, Generate Investment Management Ltd acquired a new position in shares of Cloudflare during the 4th quarter valued at about $12,946,000. 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.