Cloudflare (NYSE:NET) Price Target Cut to $80.00 by Analysts at Cantor Fitzgerald

Cloudflare (NYSE:NET) had its price target cut by equities researchers at Cantor Fitzgerald from $100.00 to $80.00 in a report released on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Cantor Fitzgerald’s price target points to a potential upside of 8.61% from the company’s previous close.

A number of other research firms also recently weighed in on NET. JMP Securities raised their price target on shares of Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, January 31st. Truist Financial upped their target price on Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, February 9th. KeyCorp boosted their price objective on Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Mizuho decreased their price target on Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Robert W. Baird decreased their price target on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating on the stock in a research report on Friday. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and an average price target of $90.57.

Cloudflare Trading Down 17.2 %

NET stock traded down $15.31 on Friday, reaching $73.66. The company’s stock had a trading volume of 10,871,767 shares, compared to its average volume of 3,835,702. The firm has a market cap of $24.87 billion, a PE ratio of -134.38 and a beta of 1.15. The business has a fifty day simple moving average of $94.15 and a two-hundred day simple moving average of $83.39. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. As a group, research analysts forecast that Cloudflare will post -0.2 EPS for the current year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $99.64, for a total value of $298,920.00. Following the sale, the insider now directly owns 205,238 shares in the company, valued at approximately $20,449,914.32. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Carl Ledbetter sold 8,022 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total value of $701,844.78. Following the sale, the director now owns 1,196,793 shares in the company, valued at $104,707,419.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the completion of the transaction, the insider now directly owns 205,238 shares in the company, valued at $20,449,914.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,026,347 shares of company stock valued at $100,329,866. Corporate insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG lifted its stake in shares of Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cloudflare during the third quarter valued at approximately $569,000. International Assets Investment Management LLC acquired a new stake in shares of Cloudflare during the 4th quarter valued at $11,639,000. Blueshift Asset Management LLC increased its position in Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after buying an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier increased its stake in shares of Cloudflare by 4.5% in the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $33,937,000 after purchasing an additional 17,600 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.