Royal Bank of Canada Issues Positive Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET - Get Free Report) had its price target raised by research analysts at Royal Bank of Canada from $99.00 to $123.00 in a research note issued to investors on Friday, Marketbeat reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank of Canada's target price would suggest a potential upside of 7.21% from the stock's previous close.

Several other equities analysts have also issued reports on the company. Morgan Stanley upgraded Cloudflare from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $92.00 to $130.00 in a research note on Monday, December 2nd. Jefferies Financial Group lifted their target price on Cloudflare from $100.00 to $125.00 and gave the company a "hold" rating in a research report on Thursday, December 19th. UBS Group boosted their target price on Cloudflare from $88.00 to $95.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Piper Sandler raised their price target on shares of Cloudflare from $83.00 to $92.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Finally, BNP Paribas started coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an "underperform" rating and a $65.00 price objective for the company. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of "Hold" and a consensus target price of $101.37.

Cloudflare Stock Performance

NYSE NET traded up $2.19 on Friday, reaching $114.73. The stock had a trading volume of 3,156,337 shares, compared to its average volume of 3,564,769. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market cap of $39.37 billion, a P/E ratio of -441.27 and a beta of 1.10. The firm has a fifty day moving average of $102.82 and a two-hundred day moving average of $89.09. Cloudflare has a 1-year low of $66.24 and a 1-year high of $119.42.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.03). The company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, equities research analysts anticipate that Cloudflare will post -0.1 EPS for the current year.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $111.90, for a total value of $5,861,769.60. Following the completion of the transaction, the chief executive officer now owns 10,762 shares in the company, valued at $1,204,267.80. The trade was a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $113.16, for a total transaction of $2,901,422.40. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at $19,572,040.44. This represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 614,592 shares of company stock worth $60,146,600 in the last quarter. 12.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Everence Capital Management Inc. purchased a new position in shares of Cloudflare during the 4th quarter valued at about $803,000. GAMMA Investing LLC increased its holdings in Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock worth $63,000 after acquiring an additional 217 shares in the last quarter. Versant Capital Management Inc raised its stake in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company's stock worth $59,000 after acquiring an additional 170 shares during the period. Tidal Investments LLC lifted its holdings in Cloudflare by 18.0% during the third quarter. Tidal Investments LLC now owns 23,238 shares of the company's stock valued at $1,880,000 after purchasing an additional 3,550 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Cloudflare in the third quarter worth approximately $204,000. Institutional investors own 82.68% of the company's stock.

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.