Cloudflare, Inc. (NYSE:NET) Receives Consensus Recommendation of "Hold" from Brokerages

Cloudflare, Inc. (NYSE:NET - Get Free Report) has been given an average recommendation of "Hold" by the twenty-five research firms that are presently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $92.29.

Several research firms have recently issued reports on NET. Wolfe Research began coverage on shares of Cloudflare in a research report on Tuesday, July 16th. They set a "peer perform" rating on the stock. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the company an "outperform" rating in a research report on Friday, August 2nd. Susquehanna boosted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Monday, August 5th. Scotiabank assumed coverage on shares of Cloudflare in a research report on Monday, July 8th. They issued a "sector perform" rating and a $85.00 price target on the stock. Finally, Cantor Fitzgerald boosted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Friday, August 2nd.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $82.96, for a total transaction of $4,345,776.64. Following the completion of the sale, the chief executive officer now directly owns 8,742 shares of the company's stock, valued at approximately $725,236.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $82.96, for a total transaction of $4,345,776.64. Following the completion of the sale, the chief executive officer now directly owns 8,742 shares of the company's stock, valued at approximately $725,236.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the business's stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the sale, the chief financial officer now directly owns 309,937 shares of the company's stock, valued at $24,450,929.93. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 432,812 shares of company stock valued at $34,458,563. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Hedge funds have recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new stake in Cloudflare in the first quarter worth about $27,000. Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company's stock worth $27,000 after acquiring an additional 238 shares during the period. Quarry LP lifted its stake in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company's stock worth $29,000 after acquiring an additional 146 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare in the second quarter worth about $29,000. Finally, Versant Capital Management Inc lifted its stake in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company's stock worth $38,000 after acquiring an additional 421 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Price Performance

NYSE NET opened at $83.43 on Friday. Cloudflare has a 12 month low of $53.88 and a 12 month high of $116.00. The stock has a market cap of $28.35 billion, a price-to-earnings ratio of -157.42 and a beta of 1.10. The company's 50 day moving average is $79.91 and its two-hundred day moving average is $81.43. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million for the quarter, compared to analysts' expectations of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company's revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.12) earnings per share. As a group, research analysts anticipate that Cloudflare will post -0.13 earnings per share for the current year.

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.