Needham & Company LLC Lowers Cloudflare (NYSE:NET) Price Target to $145.00

Cloudflare (NYSE:NET) had its target price lowered by Needham & Company LLC from $185.00 to $145.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 21.66% from the stock’s current price.

NET has been the topic of a number of other reports. Jefferies Financial Group raised their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Morgan Stanley lifted their target price on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. JPMorgan Chase & Co. raised their price objective on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. JMP Securities lifted their price objective on shares of Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research report on Friday, February 7th. Finally, Mizuho increased their price target on shares of Cloudflare from $130.00 to $160.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $133.80.

Cloudflare Stock Down 0.7 %

Shares of NYSE NET opened at $119.18 on Thursday. The stock’s 50-day simple moving average is $136.44 and its 200-day simple moving average is $108.28. Cloudflare has a 1 year low of $66.24 and a 1 year high of $177.37. The firm has a market cap of $41.13 billion, a price-to-earnings ratio of -541.73 and a beta of 1.27. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities analysts anticipate that Cloudflare will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total transaction of $1,690,800.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $28,503,393.68. This represents a 5.60 % 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 Cloudflare stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at $59,961,421.52. The trade was a 11.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 571,766 shares of company stock valued at $73,804,307 in the last quarter. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several hedge funds have recently added to or reduced their stakes in NET. CreativeOne Wealth LLC grew its holdings in shares of Cloudflare by 0.8% during the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company’s stock worth $752,000 after buying an additional 58 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after buying an additional 77 shares during the period. Atomi Financial Group Inc. boosted its holdings in Cloudflare by 3.3% in the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after purchasing an additional 94 shares during the period. Baxter Bros Inc. boosted its stake in shares of Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company’s stock valued at $296,000 after buying an additional 100 shares during the period. Finally, Ellevest Inc. grew its holdings in shares of Cloudflare by 2.3% during the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company’s stock worth $489,000 after purchasing an additional 102 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.