Cloudflare (NYSE:NET) Price Target Raised to $123.00

Cloudflare (NYSE:NET) had its target price upped by Royal Bank of Canada from $99.00 to $123.00 in a research note issued to investors on Friday, Marketbeat reports. The brokerage currently has an outperform rating on the stock.

NET has been the topic of several other research reports. Wells Fargo & Company upped their price target on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $92.00 to $130.00 in a report on Monday, December 2nd. Scotiabank lifted their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Piper Sandler raised their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Mizuho boosted their target price on shares of Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $101.37.

Cloudflare Stock Up 1.9 %

Shares of NYSE:NET opened at $114.73 on Friday. The firm’s 50-day moving average is $102.82 and its two-hundred day moving average is $89.16. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a 1 year low of $66.24 and a 1 year high of $119.42. The firm has a market capitalization of $39.37 billion, a PE ratio of -441.27 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Analysts predict that Cloudflare will post -0.1 EPS for the current year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total transaction of $4,921,476.80. Following the completion of the sale, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $1,010,995.95. The trade was a 82.96 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 550,492 shares of company stock valued at $54,916,040. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

A number of large investors have recently modified their holdings of NET. Allspring Global Investments Holdings LLC grew its holdings in Cloudflare by 212.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 868 shares of the company’s stock worth $72,000 after acquiring an additional 590 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Cloudflare by 18.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 55,105 shares of the company’s stock valued at $4,564,000 after purchasing an additional 8,678 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Cloudflare by 327.8% in the second quarter. Van ECK Associates Corp now owns 30,697 shares of the company’s stock valued at $2,543,000 after purchasing an additional 23,521 shares during the period. CIBC Asset Management Inc boosted its holdings in Cloudflare by 9.2% during the second quarter. CIBC Asset Management Inc now owns 10,084 shares of the company’s stock worth $835,000 after buying an additional 847 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Cloudflare by 0.9% during the second quarter. Rhumbline Advisers now owns 398,696 shares of the company’s stock worth $33,024,000 after buying an additional 3,395 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.