Cloudflare (NYSE:NET) Price Target Raised to $110.00

Cloudflare (NYSE:NET) had its target price lifted by Wells Fargo & Company from $105.00 to $110.00 in a research report sent to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

NET has been the subject of several other reports. Piper Sandler upped their price target on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday. Needham & Company LLC restated a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a report on Friday, August 2nd. Royal Bank of Canada lifted their target price on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Wolfe Research assumed coverage on Cloudflare in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, Mizuho lifted their price objective on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $92.88.

Cloudflare Stock Up 2.1 %

Shares of NYSE:NET opened at $93.17 on Friday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a 52-week low of $62.39 and a 52-week high of $116.00. The company has a market capitalization of $31.84 billion, a PE ratio of -358.35 and a beta of 1.10. The company has a fifty day moving average of $84.99 and a 200-day moving average of $80.68.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.53% and a negative net margin of 5.97%. On average, equities analysts predict that Cloudflare will post -0.13 EPS for the current fiscal year.

Insider Activity

In related news, COO Michelle Zatlyn sold 64,100 shares of Cloudflare stock in a transaction on Monday, October 7th. The shares were sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,681,643.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cloudflare news, COO Michelle Zatlyn sold 64,100 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the transaction, the chief operating officer now owns 192,177 shares in the company, valued at approximately $15,681,643.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the transaction, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 477,043 shares of company stock worth $39,737,342 over the last quarter. 12.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Cloudflare

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