Cloudflare (NYSE:NET) Price Target Raised to $110.00

by · The Markets Daily

Cloudflare (NYSE:NET – Get Free Report) had its target price lifted by equities research analysts at Wells Fargo & Company from $105.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 24.50% from the company’s current price.

A number of other research analysts have also commented on NET. Scotiabank lifted their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday. Mizuho lifted their target price on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Piper Sandler lifted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday. Robert W. Baird lifted their target price on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, BNP Paribas began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price on the stock. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $92.88.

Read Our Latest Report on NET

Cloudflare Stock Down 7.6 %

NYSE:NET traded down $7.31 during midday trading on Friday, hitting $88.35. 3,788,182 shares of the company were exchanged, compared to its average volume of 3,142,903. The company has a fifty day simple moving average of $84.59 and a 200 day simple moving average of $80.69. Cloudflare has a fifty-two week low of $61.34 and a fifty-two week high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The company 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 posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. As a group, equities analysts anticipate that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the sale, the insider now owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Janel Riley sold 3,495 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the completion of the transaction, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at $6,546,941.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 477,043 shares of company stock valued at $39,737,342 over the last quarter. Corporate insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Institutional investors and hedge funds have recently bought and sold shares of the stock. CVA Family Office LLC increased its position in Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare during the second quarter worth approximately $29,000. Quarry LP grew its stake in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares during the period. Finally, Versant Capital Management Inc grew its stake in Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after buying an additional 421 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Company Profile

(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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