Cloudflare (NYSE:NET) Price Target Raised to $95.00 at UBS Group

by · The Markets Daily

Cloudflare (NYSE:NET – Get Free Report) had its price objective upped by stock analysts at UBS Group from $88.00 to $95.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price objective suggests a potential upside of 7.53% from the company’s previous close.

Several other brokerages have also issued reports on NET. Guggenheim increased their target price on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Royal Bank of Canada raised their target price on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wolfe Research initiated coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Cantor Fitzgerald upped their target price on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Piper Sandler boosted 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. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Cloudflare presently has an average rating of “Hold” and a consensus price target of $92.88.

View Our Latest Analysis on NET

Cloudflare Trading Down 7.6 %

NET traded down $7.31 during trading on Friday, reaching $88.35. 3,788,182 shares of the stock traded hands, compared to its average volume of 3,142,903. The stock’s 50-day moving average is $84.59 and its 200 day moving average is $80.69. Cloudflare has a 12 month low of $61.34 and a 12 month high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $30.19 billion, a PE ratio of -304.62 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) EPS for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Equities analysts anticipate that Cloudflare will post -0.13 earnings per share for the current year.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total transaction of $4,921,476.80. Following the completion of the transaction, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $1,010,995.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 477,043 shares of company stock valued at $39,737,342 over the last quarter. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. grew its position in Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after purchasing an additional 855,334 shares during the last quarter. Capital World Investors raised its holdings in shares of Cloudflare by 2.1% during the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after purchasing an additional 584,566 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after purchasing an additional 412,864 shares during the last quarter. Finally, WIM INVESTMENT MANAGEMENT Ltd bought a new stake in Cloudflare in the 3rd quarter worth approximately $25,588,000. Institutional investors own 82.68% of the company’s stock.

About Cloudflare

(Get Free Report)

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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