Royal Bank of Canada Cuts Cloudflare (NYSE:NET) Price Target to $148.00

Cloudflare (NYSE:NET - Get Free Report) had its price objective cut by equities researchers at Royal Bank of Canada from $170.00 to $148.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank of Canada's price objective would indicate a potential upside of 31.17% from the company's previous close.

A number of other research firms have also issued reports on NET. Jefferies Financial Group upped their target price on shares of Cloudflare from $100.00 to $125.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. Baird R W lowered Cloudflare from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. UBS Group reduced their price objective on Cloudflare from $165.00 to $135.00 and set a "neutral" rating on the stock in a research report on Thursday. Guggenheim raised their target price on Cloudflare from $57.00 to $68.00 and gave the stock a "sell" rating in a research note on Friday, February 7th. Finally, Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and boosted their price target for the company from $95.00 to $145.00 in a research report on Friday, January 17th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Cloudflare currently has an average rating of "Hold" and a consensus target price of $130.92.

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Cloudflare Price Performance

Shares of NYSE NET traded down $6.57 during trading on Thursday, hitting $112.83. The company had a trading volume of 2,694,888 shares, compared to its average volume of 3,013,244. The firm has a market capitalization of $38.93 billion, a price-to-earnings ratio of -514.73 and a beta of 1.27. The stock has a fifty day simple moving average of $136.44 and a two-hundred day simple moving average of $108.28. 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 fifty-two week low of $66.24 and a fifty-two week high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) 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%. On average, research analysts expect that Cloudflare will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michelle Zatlyn sold 25,640 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $156.67, for a total transaction of $4,017,018.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the sale, the chief executive officer now owns 413,413 shares of the company's stock, valued at $59,961,421.52. This represents a 11.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 571,766 shares of company stock worth $73,804,307 in the last ninety days. 12.83% of the stock is owned by corporate insiders.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP grew its position in Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company's stock valued at $39,000 after buying an additional 133 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in Cloudflare during the fourth quarter worth about $43,000. Quest Partners LLC acquired a new stake in shares of Cloudflare in the third quarter valued at approximately $54,000. Park Square Financial Group LLC purchased a new position in shares of Cloudflare during the 4th quarter worth approximately $56,000. Finally, Larson Financial Group LLC grew its holdings in Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company's stock valued at $58,000 after buying an additional 517 shares during the last quarter. 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.

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