Piper Sandler Has Lowered Expectations for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET - Get Free Report) had its target price dropped by analysts at Piper Sandler from $153.00 to $131.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Piper Sandler's price target indicates a potential upside of 9.92% from the company's current price.

A number of other brokerages have also weighed in on NET. UBS Group lifted their price target on shares of Cloudflare from $130.00 to $165.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Truist Financial boosted their price target on Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a research report on Tuesday, January 28th. Guggenheim raised their price objective on Cloudflare from $57.00 to $68.00 and gave the stock a "sell" rating in a report on Friday, February 7th. Citigroup upgraded Cloudflare from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Finally, Morgan Stanley raised their price target on shares of Cloudflare from $130.00 to $140.00 and gave the company an "overweight" rating in a report on Tuesday, January 21st. Four 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $133.80.

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Cloudflare Price Performance

NET stock opened at $119.18 on Thursday. The stock has a market capitalization of $41.13 billion, a price-to-earnings ratio of -541.73 and a beta of 1.27. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 52-week low of $66.24 and a 52-week high of $177.37. The stock's fifty day simple moving average is $136.44 and its 200-day simple moving average is $108.28.

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

Insider Buying and Selling

In other news, insider Douglas James Kramer sold 2,481 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company's stock, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares of the company's stock, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 571,766 shares of company stock valued at $73,804,307. Company insiders own 12.83% of the company's stock.

Hedge Funds Weigh In On Cloudflare

Institutional investors have recently made changes to their positions in the business. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in Cloudflare in the third quarter worth about $25,588,000. Hartline Investment Corp boosted its position in Cloudflare by 1.5% in the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company's stock valued at $28,464,000 after buying an additional 3,957 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company's stock worth $93,656,000 after buying an additional 29,960 shares in the last quarter. Birchcreek Wealth Management LLC acquired a new position in shares of Cloudflare in the 4th quarter worth approximately $215,000. Finally, Strategic Blueprint LLC bought a new stake in Cloudflare during the 4th quarter worth approximately $265,000. 82.68% of the stock is currently owned by institutional investors.

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.

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