Cloudflare (NYSE:NET) Given New $105.00 Price Target at Wells Fargo & Company

Cloudflare (NYSE:NET) had its target price reduced by research analysts at Wells Fargo & Company from $125.00 to $105.00 in a report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 41.13% from the stock’s current price.

Several other equities research analysts have also recently weighed in on NET. JPMorgan Chase & Co. reduced their price objective on Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday. Mizuho decreased their price target on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a research report on Friday. DZ Bank lowered shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price objective for the company. in a research report on Tuesday, February 13th. Morgan Stanley raised their price objective on Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. Finally, KeyCorp upped their target price on Cloudflare from $94.00 to $132.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $90.17.

Cloudflare Stock Down 16.4 %

Shares of Cloudflare stock opened at $74.40 on Friday. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The stock has a 50 day moving average price of $93.67 and a two-hundred day moving average price of $83.60. The stock has a market capitalization of $25.12 billion, a P/E ratio of -140.38 and a beta of 1.15. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. The company had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Equities analysts expect that Cloudflare will post -0.2 earnings per share for the current year.

Insider Transactions at Cloudflare

In related news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the sale, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the sale, the director now owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 50,000 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the completion of the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The disclosure for this sale can be found here. Insiders have sold 1,029,347 shares of company stock valued at $100,594,226 in the last three months. 12.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Cloudflare during the fourth quarter valued at $221,858,000. 1832 Asset Management L.P. lifted its position in Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the period. Vanguard Group Inc. boosted its stake in shares of Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after purchasing an additional 740,914 shares during the last quarter. Capital World Investors grew its position in shares of Cloudflare by 1.8% during the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after buying an additional 487,308 shares during the period. Finally, SpiderRock Advisors LLC bought a new stake in shares of Cloudflare during the first quarter worth approximately $37,740,000. 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.