Piper Sandler Has Lowered Expectations for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its target price lowered by Piper Sandler from $153.00 to $131.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts have also issued research reports about the stock. Truist Financial boosted their price target on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Guggenheim upped their target price on shares of Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday, February 7th. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and raised their price target for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. Needham & Company LLC reiterated a “buy” rating and issued a $185.00 price objective on shares of Cloudflare in a research note on Tuesday, February 18th. Finally, Jefferies Financial Group raised their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given 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 target price of $130.92.

Cloudflare Stock Down 5.0 %

Shares of NET opened at $113.38 on Thursday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a 50-day simple moving average of $136.44 and a 200-day simple moving average of $108.28. Cloudflare has a 52 week low of $66.24 and a 52 week high of $177.37. The firm has a market capitalization of $39.12 billion, a P/E ratio of -515.35 and a beta of 1.27.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS 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%. On average, equities research analysts expect that Cloudflare will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $145.04, for a total value of $7,597,775.36. Following the completion of the sale, the chief executive officer now owns 413,413 shares in the company, valued at approximately $59,961,421.52. This represents a 11.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 571,766 shares of company stock valued at $73,804,307. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

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