Cloudflare (NYSE:NET) Now Covered by Analysts at Morgan Stanley

Morgan Stanley started coverage on shares of Cloudflare (NYSE:NET - Free Report) in a report published on Tuesday morning. The firm issued an overweight rating on the stock.

A number of other brokerages have also issued reports on NET. Royal Bank of Canada decreased their target price on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Robert W. Baird restated a "neutral" rating and set a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Oppenheimer lowered shares of Cloudflare from an "outperform" rating to a "market perform" rating in a research report on Friday, February 7th. Citigroup upgraded shares of 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 research report on Friday, January 17th. Finally, Piper Sandler reduced their price objective on shares of Cloudflare from $153.00 to $131.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Cloudflare has an average rating of "Hold" and a consensus target price of $131.64.

Cloudflare Stock Performance

Shares of Cloudflare stock traded up $1.01 during trading on Tuesday, hitting $118.95. 4,321,599 shares of the stock were exchanged, compared to its average volume of 3,026,045. The stock's fifty day moving average is $136.73 and its 200 day moving average is $110.01. The stock has a market cap of $41.05 billion, a PE ratio of -540.70 and a beta of 1.27. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare has a 12 month low of $66.24 and a 12 month high of $177.37.

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Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, sell-side analysts anticipate that Cloudflare will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In related news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $120.40, for a total value of $3,087,056.00. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at approximately $20,824,263.60. This represents a 12.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total value of $1,707,150.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. This represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 566,766 shares of company stock valued at $73,779,200 over the last three months. 12.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently added to or reduced their stakes in the company. CreativeOne Wealth LLC increased its holdings in Cloudflare by 0.8% in the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock worth $752,000 after buying an additional 58 shares during the last quarter. Stratos Wealth Partners LTD. grew its holdings in Cloudflare by 1.2% during the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock valued at $709,000 after purchasing an additional 77 shares during the last quarter. Atomi Financial Group Inc. grew its holdings in Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock valued at $319,000 after purchasing an additional 94 shares during the last quarter. Baxter Bros Inc. grew its holdings in Cloudflare by 3.8% during the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after purchasing an additional 100 shares during the last quarter. Finally, Ellevest Inc. grew its holdings in Cloudflare by 2.3% during the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after purchasing an additional 102 shares during the last quarter. Institutional investors and hedge funds 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.