Guggenheim Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET) had its price target lifted by Guggenheim from $57.00 to $68.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a sell rating on the stock.

Several other equities research analysts have also commented on NET. Royal Bank of Canada increased their price objective on shares of Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC upped their price objective on Cloudflare from $110.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Jefferies Financial Group boosted their price target on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. UBS Group raised their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock 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 company a “neutral” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Cloudflare has an average rating of “Hold” and an average target price of $128.48.

Cloudflare Stock Performance

Shares of NET stock opened at $166.88 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a fifty day simple moving average of $118.89 and a two-hundred day simple moving average of $97.11. The firm has a market capitalization of $57.27 billion, a PE ratio of -758.52 and a beta of 1.12. Cloudflare has a 12 month low of $66.24 and a 12 month high of $171.38.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Analysts forecast that Cloudflare will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This represents a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 35,118 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $105.30, for a total value of $3,697,925.40. Following the completion of the sale, the chief operating officer now directly owns 172,959 shares in the company, valued at approximately $18,212,582.70. The trade was a 16.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 633,738 shares of company stock valued at $69,632,506. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors have recently made changes to their positions in the stock. WIM INVESTMENT MANAGEMENT Ltd purchased a new position in Cloudflare in the third quarter worth $25,588,000. International Assets Investment Management LLC purchased a new position in shares of Cloudflare in the 3rd quarter worth about $147,160,000. Parnassus Investments LLC increased its position in shares of Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after purchasing an additional 131,319 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares during the last quarter. Finally, Generate Investment Management Ltd purchased a new position in shares of Cloudflare during the 4th quarter valued at about $12,946,000. Institutional investors own 82.68% of the company’s stock.

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.