Cloudflare (NYSE:NET) Stock Price Up 6.5% – Still a Buy?

Shares of Cloudflare, Inc. (NYSE:NET) traded up 6.5% during mid-day trading on Thursday . The company traded as high as $102.91 and last traded at $102.76. 1,055,138 shares changed hands during trading, a decline of 67% from the average session volume of 3,167,211 shares. The stock had previously closed at $96.47.

Analysts Set New Price Targets

NET has been the topic of several recent research reports. Guggenheim increased their target price on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Mizuho increased their price objective on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company lifted their target price on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Royal Bank of Canada increased their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, BNP Paribas started coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus price target of $92.88.

Cloudflare Trading Down 0.0 %

The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock’s fifty day moving average price is $87.70 and its two-hundred day moving average price is $81.23. The stock has a market capitalization of $35.76 billion, a P/E ratio of -400.77 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, the insider now owns 185,386 shares in the company, valued at $15,114,520.58. The trade was a 1.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 28,635 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total value of $2,721,184.05. Following the completion of the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $24,030,141.07. This trade represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 546,194 shares of company stock worth $46,804,995 in the last ninety days. 12.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. CVA Family Office LLC raised its holdings in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare in the second quarter worth about $29,000. Quarry LP lifted its holdings in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares during the period. Versant Capital Management Inc boosted its position in Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after acquiring an additional 421 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Cloudflare during the 3rd quarter worth approximately $38,000. 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.