Cloudflare (NYSE:NET) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Cloudflare (NYSE:NET - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, Marketbeat Ratings reports. They currently have $145.00 price objective on the stock, up from their prior price objective of $95.00.

NET has been the subject of a number of other reports. Morgan Stanley raised shares of Cloudflare from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $92.00 to $130.00 in a research report on Monday, December 2nd. UBS Group increased their target price on shares of Cloudflare from $88.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Stifel Nicolaus upgraded shares of Cloudflare from a "hold" rating to a "buy" rating and boosted their price target for the company from $95.00 to $136.00 in a report on Tuesday, December 17th. Jefferies Financial Group increased their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. Finally, Mizuho raised their price target on Cloudflare from $102.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, December 13th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $105.30.

Cloudflare Trading Up 2.0 %

Shares of NYSE:NET traded up $2.31 during mid-day trading on Friday, hitting $117.13. The stock had a trading volume of 3,539,472 shares, compared to its average volume of 2,768,381. The company's 50 day moving average is $107.20 and its 200-day moving average is $91.22. 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 $121.02. The company has a market cap of $40.20 billion, a PE ratio of -450.49 and a beta of 1.10.

Cloudflare (NYSE:NET - Get Free Report) last issued 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). The business had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, sell-side analysts predict that Cloudflare will post -0.1 EPS for the current year.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the sale, the chief executive officer now owns 10,762 shares of the company's stock, valued at approximately $1,223,962.26. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the chief financial officer now owns 281,403 shares in the company, valued at approximately $24,422,966.37. This represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 524,852 shares of company stock valued at $55,386,256. 12.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors have recently bought and sold shares of NET. Envestnet Asset Management Inc. lifted its holdings in shares of Cloudflare by 2.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 195,791 shares of the company's stock worth $16,217,000 after acquiring an additional 4,682 shares during the period. Dimensional Fund Advisors LP lifted its stake in Cloudflare by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 326,853 shares of the company's stock worth $27,070,000 after purchasing an additional 1,460 shares during the period. Renaissance Technologies LLC acquired a new stake in Cloudflare during the second quarter valued at approximately $7,463,000. Amalgamated Bank grew its stake in shares of Cloudflare by 3.6% in the 2nd quarter. Amalgamated Bank now owns 20,316 shares of the company's stock valued at $1,683,000 after purchasing an additional 714 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Cloudflare by 5.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,422 shares of the company's stock valued at $2,106,000 after purchasing an additional 1,330 shares during the period. 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.