Cloudflare (NYSE:NET) Given New $83.00 Price Target at Piper Sandler

Cloudflare (NYSE:NET) had its price objective upped by Piper Sandler from $82.00 to $83.00 in a research note published on Friday, Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms also recently issued reports on NET. Citigroup dropped their price objective on shares of Cloudflare from $95.00 to $90.00 and set a neutral rating on the stock in a report on Thursday, May 9th. Scotiabank began coverage on shares of Cloudflare in a research note on Monday, July 8th. They issued a sector perform rating and a $85.00 target price on the stock. Morgan Stanley reissued an equal weight rating and issued a $92.00 target price on shares of Cloudflare in a research note on Monday, June 17th. The Goldman Sachs Group lowered their target price on shares of Cloudflare from $77.00 to $68.00 and set a sell rating on the stock in a research note on Tuesday, June 4th. Finally, KeyCorp lowered their target price on shares of Cloudflare from $132.00 to $94.00 and set an overweight rating on the stock in a research note on Friday, May 3rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $92.08.

Cloudflare Stock Performance

Cloudflare stock traded up $5.06 on Friday, reaching $79.46. 10,348,642 shares of the stock were exchanged, compared to its average volume of 2,542,594. The stock has a market cap of $27.00 billion, a PE ratio of -149.94 and a beta of 1.10. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a twelve month low of $53.88 and a twelve month high of $116.00. The firm has a fifty day moving average price of $77.83 and a two-hundred day moving average price of $85.17.

Cloudflare (NYSE:NET) last released its 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 net margin of 6.90% and a negative return on equity of 8.90%. The firm had revenue of $378.60 million during the quarter, compared to analyst estimates of $372.93 million. Sell-side analysts anticipate that Cloudflare will post -0.19 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $72.51, for a total value of $3,798,363.84. Following the completion of the sale, the chief executive officer now owns 230,612 shares of the company’s stock, valued at $16,721,676.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 28,634 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $75.13, for a total value of $2,151,272.42. Following the completion of the sale, the chief financial officer now owns 309,937 shares of the company’s stock, valued at $23,285,566.81. The sale was disclosed in a legal 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 Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total transaction of $3,798,363.84. Following the sale, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at approximately $16,721,676.12. The disclosure for this sale can be found here. Insiders have sold 691,210 shares of company stock worth $53,578,881 over the last ninety days. Company insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Several large investors have recently made changes to their positions in the stock. Baillie Gifford & Co. increased its position in shares of Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. Vanguard Group Inc. lifted its stake in Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after acquiring an additional 412,864 shares during the last quarter. Capital World Investors lifted its stake in Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after acquiring an additional 584,566 shares during the last quarter. 1832 Asset Management L.P. lifted its stake in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after acquiring an additional 1,597,900 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Cloudflare during the 4th quarter worth about $221,858,000. Institutional investors own 82.68% 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 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.