Cloudflare (NYSE:NET) Price Target Raised to $92.00

Cloudflare (NYSE:NET - Free Report) had its price target raised by Piper Sandler from $83.00 to $92.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research firms have also weighed in on NET. Wolfe Research began coverage on Cloudflare in a research note on Tuesday, July 16th. They issued a "peer perform" rating on the stock. Guggenheim lifted their target price on shares of Cloudflare from $50.00 to $57.00 and gave the company a "sell" rating in a research note on Friday, August 2nd. BNP Paribas assumed coverage on Cloudflare in a report on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 target price on the stock. Robert W. Baird increased their target price on Cloudflare from $94.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Finally, Scotiabank upped their target price on shares of Cloudflare from $85.00 to $87.00 and gave the company a "sector perform" rating in a research report on Friday. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of "Hold" and a consensus price target of $92.88.

Cloudflare Stock Down 4.6 %

Shares of NET traded down $4.41 during trading hours on Friday, hitting $91.25. 7,766,969 shares of the company were exchanged, compared to its average volume of 3,158,290. Cloudflare has a 52 week low of $61.34 and a 52 week high of $116.00. The company has a market cap of $31.18 billion, a PE ratio of -304.62 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The firm's 50 day moving average is $84.59 and its 200-day moving average is $80.69.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to analysts' expectations of $423.65 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. On average, equities research analysts forecast that Cloudflare will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 15,000 shares of the company's stock in a transaction dated 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 $24,422,966.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business's stock in a transaction on Monday, November 4th. The shares were sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the sale, the chief financial officer now owns 281,403 shares of the company's stock, valued at $24,422,966.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the sale, the insider now directly owns 185,386 shares of the company's stock, valued at $15,114,520.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 477,043 shares of company stock valued at $39,737,342. 12.83% of the stock is owned by company insiders.

Institutional Trading of Cloudflare

Hedge funds and other institutional investors have recently bought and sold shares of the company. National Pension Service boosted its stake in shares of Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company's stock valued at $38,174,000 after purchasing an additional 4,062 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Cloudflare in the second quarter worth about $7,319,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Cloudflare by 20.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company's stock valued at $84,745,000 after acquiring an additional 149,866 shares during the last quarter. Swiss National Bank boosted its holdings in Cloudflare by 2.0% during the 1st quarter. Swiss National Bank now owns 886,900 shares of the company's stock valued at $85,879,000 after acquiring an additional 17,700 shares during the period. Finally, Comerica Bank boosted its stake in shares of Cloudflare by 19.9% during the first quarter. Comerica Bank now owns 28,556 shares of the company's stock valued at $2,765,000 after purchasing an additional 4,733 shares during the period. Hedge funds and other institutional investors 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.