Cloudflare (NYSE:NET) Reaches New 1-Year High on Analyst Upgrade

Cloudflare, Inc. (NYSE:NET - Get Free Report) shares hit a new 52-week high during trading on Wednesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $140.25 and last traded at $139.54, with a volume of 7634538 shares traded. The stock had previously closed at $126.47.

Several other equities research analysts have also issued reports on NET. Mizuho raised their target price on shares of Cloudflare from $102.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, December 13th. UBS Group raised their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Morgan Stanley upped their target price on shares of Cloudflare from $130.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, January 21st. Cantor Fitzgerald assumed coverage on Cloudflare in a report on Friday, January 17th. They set a "neutral" rating and a $111.00 price target on the stock. Finally, The Goldman Sachs Group raised Cloudflare from a "sell" rating to a "buy" rating and upped their price objective for the stock from $77.00 to $140.00 in a research note on Thursday, January 2nd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Cloudflare has a consensus rating of "Hold" and an average price target of $109.72.

Insider Activity

In related news, CFO Thomas J. Seifert sold 15,000 shares of the firm's stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares of the company's stock, valued at approximately $24,422,966.37. This trade represents a 5.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of the business's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $123.75, for a total value of $3,172,950.00. Following the transaction, the chief operating officer now owns 172,959 shares of the company's stock, valued at approximately $21,403,676.25. The trade was a 12.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 631,257 shares of company stock valued at $68,558,258. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

Several institutional investors and hedge funds have recently made changes to their positions in NET. WIM INVESTMENT MANAGEMENT Ltd bought a new position in Cloudflare during the 3rd quarter worth about $25,588,000. International Assets Investment Management LLC purchased a new stake in shares of Cloudflare in the 3rd quarter worth approximately $147,160,000. Parnassus Investments LLC boosted its stake in shares of Cloudflare by 1,851.9% during the third quarter. Parnassus Investments LLC now owns 138,410 shares of the company's stock valued at $11,196,000 after purchasing an additional 131,319 shares in the last quarter. Geode Capital Management LLC increased its holdings in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company's stock valued at $390,130,000 after buying an additional 121,810 shares during the period. Finally, Generate Investment Management Ltd bought a new position in Cloudflare in the fourth quarter worth approximately $12,946,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

The business has a fifty day simple moving average of $114.40 and a two-hundred day simple moving average of $94.64. The company has a market cap of $47.57 billion, a PE ratio of -533.15 and a beta of 1.10. 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 - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.03). The company 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%. Research analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share 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.