Cloudflare (NYSE:NET) Shares Gap Up Following Analyst Upgrade

Cloudflare, Inc. (NYSE:NET) shares gapped up before the market opened on Friday after Piper Sandler raised their price target on the stock from $92.00 to $153.00. The stock had previously closed at $141.52, but opened at $153.50. Piper Sandler currently has a neutral rating on the stock. Cloudflare shares last traded at $164.21, with a volume of 3,658,915 shares.

Several other analysts have also weighed in on the stock. Oppenheimer lowered shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday. Scotiabank lifted their price objective on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday. Needham & Company LLC boosted their price target on Cloudflare from $110.00 to $160.00 and gave the company a “buy” rating in a research note on Monday. Finally, Mizuho increased their price objective on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare presently has an average rating of “Hold” and an average price target of $114.76.

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the sale, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $17,115,283.62. This represents a 21.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 633,738 shares of company stock worth $69,632,506 over the last 90 days. 12.83% of the stock is owned by insiders.

Institutional Trading of Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new position in Cloudflare during the 2nd quarter worth approximately $906,000. Diversified Trust Co acquired a new stake in Cloudflare in the 3rd quarter valued at approximately $471,000. CWM LLC lifted its position in shares of Cloudflare by 91.0% in the third quarter. CWM LLC now owns 9,690 shares of the company’s stock worth $784,000 after purchasing an additional 4,617 shares in the last quarter. Wedmont Private Capital boosted its stake in shares of Cloudflare by 41.7% during the 3rd quarter. Wedmont Private Capital now owns 3,797 shares of the company’s stock worth $306,000 after buying an additional 1,118 shares during the last quarter. Finally, Tobam acquired a new position in Cloudflare during the third quarter valued at approximately $75,000. 82.68% of the stock is owned by institutional investors.

Cloudflare Stock Up 15.0 %

The firm has a market capitalization of $55.85 billion, a P/E ratio of -630.92 and a beta of 1.12. The firm’s 50 day moving average is $116.71 and its two-hundred day moving average is $95.92. 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 (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Research analysts predict that Cloudflare, Inc. will post -0.1 EPS for the current year.

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.