Cloudflare (NYSE:NET) Price Target Cut to $80.00

Cloudflare (NYSE:NET) had its price target lowered by equities research analysts at Susquehanna from $115.00 to $80.00 in a report released on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Susquehanna’s price target points to a potential upside of 7.53% from the company’s current price.

NET has been the topic of several other research reports. Bank of America raised their target price on shares of Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a research note on Friday. Needham & Company LLC restated a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a research report on Friday. Wells Fargo & Company reduced their price objective on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday. JMP Securities lifted their price objective on Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, January 31st. Finally, Royal Bank of Canada raised their target price on shares of Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and an average target price of $88.65.

Cloudflare Stock Performance

NYSE:NET opened at $74.40 on Monday. Cloudflare has a 1 year low of $39.90 and a 1 year high of $116.00. The firm has a 50 day moving average of $93.67 and a 200-day moving average of $83.75. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $25.12 billion, a P/E ratio of -140.38 and a beta of 1.15.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The company had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. As a group, sell-side analysts anticipate that Cloudflare will post -0.2 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were 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 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 is accessible through this hyperlink. In other news, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the transaction, the chief operating officer now owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,029,347 shares of company stock valued at $100,594,226. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Large investors have recently modified their holdings of the business. Riverview Trust Co acquired a new stake in shares of Cloudflare during the first quarter worth $27,000. Allspring Global Investments Holdings LLC increased its position in shares of Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the period. ICA Group Wealth Management LLC acquired a new stake in shares of Cloudflare during the fourth quarter worth $38,000. GAMMA Investing LLC acquired a new stake in shares of Cloudflare during the fourth quarter worth $39,000. Finally, Pingora Partners LLC acquired a new stake in shares of Cloudflare during the fourth quarter worth $42,000. 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.