Wells Fargo & Company Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET - Get Free Report) had its price target lifted by equities researchers at Wells Fargo & Company from $110.00 to $135.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 18.66% from the stock's previous close.

A number of other brokerages have also recently commented on NET. Stifel Nicolaus raised shares of Cloudflare from a "hold" rating to a "buy" rating and boosted their price target for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. Mizuho boosted their target price on Cloudflare from $102.00 to $125.00 and gave the company a "neutral" rating in a research note on Friday, December 13th. UBS Group raised their price target on Cloudflare from $88.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Jefferies Financial Group boosted their price objective on Cloudflare from $100.00 to $125.00 and gave the company a "hold" rating in a research report on Thursday, December 19th. Finally, Piper Sandler raised their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Three equities 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 an average rating of "Hold" and a consensus target price of $102.30.

Cloudflare Price Performance

NET stock traded down $0.22 during mid-day trading on Tuesday, hitting $113.77. 3,622,694 shares of the stock were exchanged, compared to its average volume of 3,294,904. The business has a fifty day moving average price of $103.82 and a 200 day moving average price of $89.73. Cloudflare has a 12 month low of $66.24 and a 12 month high of $119.42. 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 stock has a market capitalization of $39.05 billion, a price-to-earnings ratio of -437.58 and a beta of 1.10.

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

Insider Buying and Selling

In other news, insider Douglas James Kramer sold 3,000 shares of the company's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the transaction, the insider now owns 185,386 shares in the company, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the sale, the chief financial officer now directly owns 281,403 shares of the company's stock, valued at $25,573,904.64. This trade represents a 5.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 565,492 shares of company stock worth $56,623,190 in the last 90 days. Insiders own 12.83% of the company's stock.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently bought and sold shares of the business. Hartline Investment Corp lifted its holdings in Cloudflare by 7.6% in the third quarter. Hartline Investment Corp now owns 260,379 shares of the company's stock valued at $21,062,000 after acquiring an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd bought a new position in shares of Cloudflare in the 3rd quarter worth approximately $25,588,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cloudflare by 2.7% in 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 during the last quarter. National Pension Service grew its position in Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company's stock valued at $38,174,000 after buying an additional 4,062 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Cloudflare during the second quarter valued at approximately $7,319,000. Hedge funds and other 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.