Cloudflare (NYSE:NET) Given New $160.00 Price Target at Needham & Company LLC

Cloudflare (NYSE:NET) had its price target hoisted by stock analysts at Needham & Company LLC from $110.00 to $160.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 15.43% from the company’s previous close.

Several other equities research analysts have also commented on the company. Jefferies Financial Group upped their price target on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. UBS Group upped their price target on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Royal Bank of Canada upped their price target on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Piper Sandler increased their target price on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and increased their target price for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Cloudflare has a consensus rating of “Hold” and a consensus target price of $112.32.

Cloudflare Trading Up 1.0 %

Shares of NET stock opened at $138.62 on Monday. The business’s fifty day moving average price is $114.40 and its 200 day moving average price is $94.74. Cloudflare has a 1-year low of $66.24 and a 1-year high of $142.41. The firm has a market capitalization of $47.57 billion, a PE ratio of -533.15 and a beta of 1.12. 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 (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. As a group, sell-side analysts forecast that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.06, for a total value of $4,665,319.04. Following the completion of the sale, the chief executive officer now owns 192,177 shares in the company, valued at approximately $17,115,283.62. This trade represents a 21.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the completion of the sale, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $21,403,676.25. This trade represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 616,257 shares of company stock valued at $67,256,408. 12.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CVA Family Office LLC grew its position in Cloudflare by 121.3% during 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 during the period. Quarry LP grew its position in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Cloudflare during the 3rd quarter valued at about $38,000. Quest Partners LLC acquired a new stake in shares of Cloudflare during the 3rd quarter valued at about $54,000. Finally, Versant Capital Management Inc grew its position in shares of Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

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.