Cloudflare (NYSE:NET) Receives Buy Rating from Needham & Company LLC

Cloudflare (NYSE:NET - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They currently have a $185.00 price objective on the stock. Needham & Company LLC's price target indicates a potential upside of 21.85% from the stock's current price.

A number of other research analysts have also recently commented on the stock. UBS Group increased their target price on shares of Cloudflare from $130.00 to $165.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Morgan Stanley increased 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. DZ Bank cut shares of Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 target price for the company. in a report on Tuesday, February 11th. Robert W. Baird reissued a "neutral" rating and issued a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Finally, Truist Financial increased their target price on shares of Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Cloudflare has an average rating of "Hold" and a consensus target price of $136.28.

Cloudflare Price Performance

Cloudflare stock traded down $4.55 during trading hours on Tuesday, reaching $151.83. 3,652,573 shares of the stock were exchanged, compared to its average volume of 3,998,004. The company has a market cap of $52.11 billion, a P/E ratio of -690.12 and a beta of 1.12. 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 twelve month low of $66.24 and a twelve month high of $177.37. The stock has a 50 day moving average of $129.34 and a two-hundred day moving average of $102.57.

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

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $109.90, for a total value of $1,648,500.00. Following the completion of the sale, the chief financial officer now owns 252,869 shares of the company's stock, valued at approximately $27,790,303.10. This trade represents a 5.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Michelle Zatlyn sold 35,118 shares of the firm's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $105.30, for a total value of $3,697,925.40. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at approximately $18,212,582.70. This trade represents a 16.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 533,297 shares of company stock valued at $62,604,696. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Several large investors have recently bought and sold shares of NET. Groupama Asset Managment bought a new position in Cloudflare during the 4th quarter valued at $269,200,000. Norges Bank bought a new position in Cloudflare during the 4th quarter valued at $249,544,000. American Century Companies Inc. raised its stake in shares of Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the period. Fred Alger Management LLC raised its stake in shares of Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after purchasing an additional 836,591 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Cloudflare by 292.5% during the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after purchasing an additional 804,059 shares during the period. 82.68% of the stock is currently owned by institutional investors.

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.