Cloudflare (NET) – Research Analysts’ Recent Ratings Changes

Several brokerages have updated their recommendations and price targets on shares of Cloudflare (NYSE: NET) in the last few weeks:

• 11/8/2024 – Cloudflare had its price target raised by analysts at Scotiabank from $85.00 to $87.00. They now have a “sector perform” rating on the stock.
• 11/8/2024 – Cloudflare had its price target raised by analysts at Wells Fargo & Company from $105.00 to $110.00. They now have an “overweight” rating on the stock.
• 11/8/2024 – Cloudflare had its price target raised by analysts at UBS Group AG from $88.00 to $95.00. They now have a “neutral” rating on the stock.
• 11/8/2024 – Cloudflare had its price target raised by analysts at Piper Sandler from $83.00 to $92.00. They now have a “neutral” rating on the stock.
• 10/17/2024 – Cloudflare had its price target raised by analysts at Mizuho from $92.00 to $105.00. They now have a “neutral” rating on the stock.
• 10/8/2024 – Cloudflare is now covered by analysts at BNP Paribas. They set an “underperform” rating and a $65.00 price target on the stock.

Cloudflare Stock Down 2.8 %

NYSE:NET opened at $99.38 on Thursday. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $116.00. The company has a 50-day moving average of $89.15 and a 200 day moving average of $81.98. The firm has a market cap of $34.11 billion, a PE ratio of -382.23 and a beta of 1.10. 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 released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the transaction, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $18,370,199.43. This trade represents a 21.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 12,820 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total transaction of $976,114.80. Following the completion of the transaction, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $14,632,356.78. The trade was a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 606,952 shares of company stock worth $53,078,202. 12.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds and other institutional investors have recently modified their holdings of the stock. CVA Family Office LLC raised 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 buying an additional 171 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cloudflare during the 2nd quarter worth approximately $29,000. Quarry LP raised 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 buying an additional 146 shares during the last quarter. Versant Capital Management Inc raised 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 worth $38,000 after buying an additional 421 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in Cloudflare during the 3rd quarter worth approximately $38,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.