Wells Fargo & Company Boosts Cloudflare (NYSE:NET) Price Target to $150.00

Cloudflare (NYSE:NET - Get Free Report) had its price objective boosted by analysts at Wells Fargo & Company from $135.00 to $150.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 7.50% from the stock's current price.

Several other brokerages have also commented on NET. UBS Group upped their price target on shares of Cloudflare from $88.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. BNP Paribas assumed coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an "underperform" rating and a $65.00 price objective on the stock. Piper Sandler increased their price target on Cloudflare from $83.00 to $92.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Stifel Nicolaus raised shares of Cloudflare from a "hold" rating to a "buy" rating and raised their price objective for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. Finally, Scotiabank upped their target price on shares of Cloudflare from $87.00 to $110.00 and gave the company a "sector perform" rating in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Cloudflare presently has an average rating of "Hold" and a consensus target price of $109.72.

Cloudflare Price Performance

Shares of NET stock traded up $13.07 during midday trading on Monday, reaching $139.54. 7,634,538 shares of the company traded hands, compared to its average volume of 3,060,041. The firm's 50 day simple moving average is $112.25 and its two-hundred day simple moving average is $93.58. The firm has a market cap of $47.89 billion, a PE ratio of -536.69 and a beta of 1.10. Cloudflare has a 1-year low of $66.24 and a 1-year high of $140.25. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

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

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares of the company's stock, valued at approximately $16,425,199.60. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the sale, the chief executive officer now directly owns 192,177 shares in the company, valued at $18,370,199.43. This represents a 21.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 641,132 shares of company stock worth $69,429,058 over the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Large investors have recently made changes to their positions in the business. Hartline Investment Corp lifted its stake in Cloudflare by 7.6% during the third quarter. Hartline Investment Corp now owns 260,379 shares of the company's stock valued at $21,062,000 after buying an additional 18,426 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in Cloudflare in the 3rd quarter worth approximately $25,588,000. Charles Schwab Investment Management Inc. grew its position in Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company's stock worth $93,656,000 after purchasing an additional 29,960 shares in the last quarter. National Pension Service raised its stake in Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company's stock valued at $38,174,000 after purchasing an additional 4,062 shares during the period. Finally, Banque Cantonale Vaudoise lifted its holdings in shares of Cloudflare by 20.8% in the third quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company's stock valued at $2,973,000 after purchasing an additional 6,326 shares in the last quarter. 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.