Cloudflare (NYSE:NET) Sets New 52-Week High - Here's Why

Cloudflare, Inc. (NYSE:NET - Get Free Report) shares reached a new 52-week high during trading on Friday . The company traded as high as $119.69 and last traded at $119.03, with a volume of 22889 shares traded. The stock had previously closed at $114.82.

Analyst Ratings Changes

A number of research firms recently issued reports on NET. UBS Group lifted their target price on Cloudflare from $88.00 to $95.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $99.00 to $123.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and increased their target price for the company from $95.00 to $145.00 in a research note on Friday. The Goldman Sachs Group upgraded shares of Cloudflare from a "sell" rating to a "buy" rating and lifted their price target for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Finally, Mizuho increased their price objective on Cloudflare from $102.00 to $125.00 and gave the company a "neutral" rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $106.15.

Cloudflare Trading Up 2.0 %

The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $40.20 billion, a price-to-earnings ratio of -450.49 and a beta of 1.10. The company has a 50-day moving average price of $107.72 and a 200-day moving average price of $91.49.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate 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 net margin of 5.97% and a negative return on equity of 7.18%. Research analysts predict that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Insider Activity

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Maria S. Eitel sold 6,875 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.00, for a total transaction of $605,000.00. Following the sale, the director now directly owns 5,927 shares of the company's stock, valued at approximately $521,576. The trade was a 53.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,852 shares of company stock worth $55,386,256. Corporate insiders own 12.83% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CVA Family Office LLC boosted its stake in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company's stock valued at $25,000 after purchasing an additional 171 shares during the last quarter. Quarry LP increased its holdings in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company's stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Cloudflare in the third quarter valued at about $38,000. Versant Capital Management Inc boosted its holdings in Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company's stock worth $59,000 after buying an additional 170 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after acquiring an additional 217 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.