Cloudflare (NYSE:NET) Stock Price Expected to Rise, Piper Sandler Analyst Says

Cloudflare (NYSE:NET) had its price objective boosted by equities research analysts at Piper Sandler from $83.00 to $92.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective suggests a potential downside of 3.87% from the company’s previous close.

Other analysts also recently issued research reports about the company. Needham & Company LLC reissued a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research note on Friday, August 2nd. BNP Paribas started coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Royal Bank of Canada lifted their target price on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Robert W. Baird raised their price target on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Cantor Fitzgerald raised their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $92.16.

Cloudflare Stock Up 3.4 %

NYSE NET opened at $95.70 on Friday. The stock’s 50-day moving average price is $84.59 and its 200-day moving average price is $80.69. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare has a 52 week low of $61.34 and a 52 week high of $116.00. The company has a market capitalization of $32.70 billion, a P/E ratio of -330.00 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. On average, equities research analysts predict that Cloudflare will post -0.13 earnings per share for the current year.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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 owns 185,386 shares in the company, valued at $15,114,520.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $24,422,966.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the transaction, the insider now owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,043 shares of company stock worth $39,737,342 in the last quarter. 12.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently bought and sold shares of the company. National Pension Service raised its position in Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after purchasing an additional 4,062 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Cloudflare during the 2nd quarter valued at $7,319,000. Price T Rowe Associates Inc. MD raised its position in shares of Cloudflare by 20.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock worth $84,745,000 after acquiring an additional 149,866 shares in the last quarter. Swiss National Bank raised its position in shares of Cloudflare by 2.0% in the 1st quarter. Swiss National Bank now owns 886,900 shares of the company’s stock worth $85,879,000 after acquiring an additional 17,700 shares in the last quarter. Finally, Comerica Bank raised its position in shares of Cloudflare by 19.9% in the 1st quarter. Comerica Bank now owns 28,556 shares of the company’s stock worth $2,765,000 after acquiring an additional 4,733 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

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.