Cloudflare, Inc. (NYSE:NET) Receives Average Recommendation of “Hold” from Analysts

Cloudflare, Inc. (NYSE:NET) has received an average rating of “Hold” from the twenty-three research firms that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $90.96.

A number of research analysts have weighed in on the company. Wells Fargo & Company reduced their price target on Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Bank of America upped their price objective on Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a report on Friday, May 3rd. Royal Bank of Canada dropped their price objective on Cloudflare from $108.00 to $90.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Robert W. Baird dropped their price objective on Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Finally, Needham & Company LLC restated a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a report on Friday, May 31st.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $96.04, for a total transaction of $5,030,959.36. Following the completion of the sale, the chief executive officer now directly owns 230,612 shares in the company, valued at $22,147,976.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Katrin Suder sold 574 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total transaction of $38,521.14. Following the transaction, the director now owns 51,162 shares of the company’s stock, valued at $3,433,481.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $96.04, for a total transaction of $5,030,959.36. Following the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at approximately $22,147,976.48. The disclosure for this sale can be found here. Insiders sold 677,805 shares of company stock worth $54,700,869 over the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several large investors have recently modified their holdings of NET. LPL Financial LLC lifted its position in shares of Cloudflare by 5.3% during the third quarter. LPL Financial LLC now owns 114,510 shares of the company’s stock worth $7,219,000 after purchasing an additional 5,806 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new position in shares of Cloudflare during the third quarter worth about $325,000. Vinva Investment Management Ltd lifted its position in shares of Cloudflare by 13.1% during the third quarter. Vinva Investment Management Ltd now owns 6,639 shares of the company’s stock worth $419,000 after purchasing an additional 771 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Cloudflare during the third quarter worth about $1,615,000. Finally, Treasurer of the State of North Carolina lifted its holdings in Cloudflare by 0.4% in the third quarter. Treasurer of the State of North Carolina now owns 129,801 shares of the company’s stock worth $8,183,000 after acquiring an additional 530 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Up 1.3 %

Shares of Cloudflare stock opened at $85.05 on Friday. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The firm has a market cap of $28.90 billion, a PE ratio of -160.47 and a beta of 1.10. The business’s fifty day moving average is $76.82 and its two-hundred day moving average is $85.44. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The company had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Analysts anticipate that Cloudflare will post -0.19 earnings per share for the current year.

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.