Cloudflare (NYSE:NET) Stock Rating Upgraded by Bank of America

Cloudflare (NYSE:NET - Get Free Report) was upgraded by analysts at Bank of America from an "underperform" rating to a "buy" rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage currently has a $160.00 target price on the stock, up from their prior target price of $60.00. Bank of America's price target would indicate a potential upside of 39.27% from the company's previous close.

A number of other analysts also recently weighed in on the stock. Cantor Fitzgerald upped their price target on shares of Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. DZ Bank cut Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 target price for the company. in a research note on Tuesday, February 11th. JPMorgan Chase & Co. lifted their price target on Cloudflare from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Robert W. Baird reaffirmed a "neutral" rating and issued a $140.00 price objective (up from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Finally, Morgan Stanley started coverage on shares of Cloudflare in a report on Tuesday, March 18th. They issued an "overweight" rating for the company. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $135.64.

Remove Ads

Cloudflare Stock Performance

Shares of NYSE:NET traded down $3.68 during trading on Tuesday, reaching $114.89. 3,139,802 shares of the stock were exchanged, compared to its average volume of 3,081,173. The firm has a market cap of $39.64 billion, a PE ratio of -522.21 and a beta of 1.27. The stock has a 50-day moving average price of $137.47 and a 200-day moving average price of $111.56. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 12 month low of $66.24 and a 12 month high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Research analysts expect that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, insider Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $117.34, for a total value of $3,008,597.60. Following the sale, the insider now directly owns 413,413 shares of the company's stock, valued at approximately $48,509,881.42. This represents a 5.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares of the company's stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 618,046 shares of company stock valued at $80,142,792. 12.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NET. Avant Financial Advisors LLC acquired a new position in Cloudflare in the fourth quarter valued at approximately $258,000. Wellington Management Group LLP lifted its position in shares of Cloudflare by 47.0% during the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock valued at $639,000 after acquiring an additional 1,896 shares during the period. Thoma Capital Management LLC bought a new position in Cloudflare during the fourth quarter worth $720,000. Wealth Enhancement Advisory Services LLC grew its holdings in Cloudflare by 22.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,652 shares of the company's stock worth $3,301,000 after purchasing an additional 5,638 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new position in Cloudflare during the 4th quarter worth approximately $10,499,000. 82.68% of the stock is owned by institutional investors and hedge funds.

About Cloudflare

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.