Cloudflare (NYSE:NET – Get Rating) had its target price lowered by investment analysts at Truist Financial from $80.00 to $57.00 in a note issued to investors on Monday, The Fly reports. Truist Financial’s target price suggests a potential upside of 42.86% from the company’s previous close.
Several other research firms have also recently weighed in on NET. Moffett Nathanson initiated coverage on shares of Cloudflare in a research report on Thursday, September 22nd. They set a “buy” rating and a $114.00 price objective for the company. Morgan Stanley reduced their price target on Cloudflare from $76.00 to $52.00 and set an “equal weight” rating for the company in a research note on Monday, November 7th. Wells Fargo & Company upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $62.00 to $65.00 in a research report on Monday, October 17th. Cantor Fitzgerald boosted their target price on shares of Cloudflare from $55.00 to $65.00 in a research report on Friday, November 4th. Finally, JMP Securities decreased their price target on shares of Cloudflare from $150.00 to $90.00 and set a “market outperform” rating on the stock in a research note on Friday, November 4th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $78.58.
Cloudflare Stock Up 2.5 %
NET stock opened at $39.90 on Monday. The business’s 50 day simple moving average is $46.65 and its 200 day simple moving average is $53.57. Cloudflare has a 1-year low of $37.37 and a 1-year high of $132.45. The firm has a market capitalization of $13.11 billion, a PE ratio of -57.00 and a beta of 1.03. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 2.42.
Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings data on Thursday, November 3rd. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. The firm had revenue of $253.86 million for the quarter, compared to the consensus estimate of $250.20 million. Cloudflare had a negative net margin of 25.16% and a negative return on equity of 27.82%. As a group, research analysts anticipate that Cloudflare will post -0.4 EPS for the current year.
Insider Activity at Cloudflare
In related news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $45.84, for a total value of $2,401,282.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Thomas J. Seifert sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $43.70, for a total value of $874,000.00. Following the transaction, the chief financial officer now owns 86,433 shares in the company, valued at approximately $3,777,122.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $45.84, for a total transaction of $2,401,282.56. The disclosure for this sale can be found here. Insiders sold a total of 475,785 shares of company stock worth $21,984,376 in the last quarter. 15.99% of the stock is owned by insiders.
Institutional Trading of Cloudflare
A number of institutional investors have recently bought and sold shares of NET. Vanguard Group Inc. lifted its stake in shares of Cloudflare by 5.8% in the 3rd quarter. Vanguard Group Inc. now owns 25,299,971 shares of the company’s stock valued at $1,399,341,000 after purchasing an additional 1,398,081 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of Cloudflare by 2.5% during the 3rd quarter. Baillie Gifford & Co. now owns 24,725,247 shares of the company’s stock worth $1,367,553,000 after buying an additional 610,639 shares in the last quarter. Capital World Investors grew its position in shares of Cloudflare by 50.2% during the 1st quarter. Capital World Investors now owns 17,046,464 shares of the company’s stock worth $2,040,462,000 after buying an additional 5,698,601 shares during the period. Sands Capital Management LLC increased its stake in shares of Cloudflare by 2.0% in the 3rd quarter. Sands Capital Management LLC now owns 15,956,268 shares of the company’s stock valued at $882,541,000 after acquiring an additional 312,315 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Cloudflare by 5.3% during the 1st quarter. State Street Corp now owns 5,552,609 shares of the company’s stock valued at $664,647,000 after acquiring an additional 278,422 shares during the period. Institutional investors own 69.97% 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 offers 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.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Cloudflare, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Cloudflare wasn’t on the list.
While Cloudflare currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
Source: news.google.com
