Cloudflare (NYSE:NET) Research Coverage Started at Scotiabank

Scotiabank initiated coverage on shares of Cloudflare (NYSE:NET) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage issued a sector perform rating and a $85.00 price target on the stock.

A number of other research analysts also recently issued reports on the stock. Cantor Fitzgerald reissued a neutral rating and set a $80.00 price objective on shares of Cloudflare in a research report on Friday, June 21st. Morgan Stanley reaffirmed an equal weight rating and issued a $92.00 target price on shares of Cloudflare in a research report on Monday, June 17th. Oppenheimer reduced their target price on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. JPMorgan Chase & Co. reduced their target price on shares of Cloudflare from $90.00 to $80.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Finally, Susquehanna reduced their target price on shares of Cloudflare from $115.00 to $80.00 and set a neutral rating on the stock in a research report on Monday, May 6th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $90.71.

Cloudflare Stock Down 0.3 %

Shares of NYSE NET opened at $82.36 on Monday. 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 has a 52 week low of $53.88 and a 52 week high of $116.00. The firm’s fifty day moving average is $76.39 and its 200 day moving average is $85.43. The company has a market cap of $27.99 billion, a price-to-earnings ratio of -155.40 and a beta of 1.10.

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

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 8,029 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $90.39, for a total transaction of $725,741.31. Following the transaction, the director now owns 1,214,830 shares in the company, valued at approximately $109,808,483.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 8,029 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $90.39, for a total transaction of $725,741.31. Following the transaction, the director now owns 1,214,830 shares in the company, valued at approximately $109,808,483.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $89.69, for a total transaction of $2,299,651.60. Following the transaction, the chief operating officer now owns 19,615 shares in the company, valued at approximately $1,759,269.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 672,103 shares of company stock worth $52,437,456. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently made changes to their positions in the business. Gill Capital Partners LLC bought a new position in shares of Cloudflare in the 2nd quarter worth approximately $221,000. Harbor Capital Advisors Inc. lifted its stake in shares of Cloudflare by 8.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 21,005 shares of the company’s stock worth $1,740,000 after purchasing an additional 1,699 shares during the period. Lynx Investment Advisory bought a new position in shares of Cloudflare in the 2nd quarter worth approximately $75,000. Versant Capital Management Inc lifted its stake in shares of Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after purchasing an additional 421 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Cloudflare in the 2nd quarter worth approximately $29,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Company Profile

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.