Piper Sandler Reaffirms “Neutral” Rating for Cloudflare (NYSE:NET)

Piper Sandler reaffirmed their neutral rating on shares of Cloudflare (NYSE:NET) in a research report report published on Friday, Benzinga reports. Piper Sandler currently has a $81.00 price objective on the stock, down from their previous price objective of $110.00.

A number of other analysts have also recently issued reports on the company. Susquehanna lifted their price objective on Cloudflare from $75.00 to $115.00 and gave the company a neutral rating in a research report on Friday, February 9th. JMP Securities lifted their price target on Cloudflare from $75.00 to $90.00 and gave the company a market outperform rating in a report on Wednesday, January 31st. Morgan Stanley increased their price objective on Cloudflare from $66.00 to $92.00 and gave the stock an equal weight rating in a report on Monday, February 12th. Sanford C. Bernstein initiated coverage on shares of Cloudflare in a research report on Thursday, January 18th. They set a market perform rating and a $85.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cloudflare from $53.00 to $90.00 and gave the stock a neutral rating in a research report on Friday, February 9th. Four research 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’s stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $90.13.

Cloudflare Stock Down 0.1 %

Cloudflare stock traded down $0.10 during mid-day trading on Friday, hitting $74.30. The company’s stock had a trading volume of 6,403,901 shares, compared to its average volume of 3,950,150. Cloudflare has a 52-week low of $44.60 and a 52-week high of $116.00. The company has a market cap of $25.09 billion, a PE ratio of -141.34 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The firm’s 50 day moving average is $93.67 and its 200 day moving average is $83.75.

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

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the sale, the chief executive officer now owns 12,183 shares of the company’s stock, valued at approximately $1,152,389.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total transaction of $264,360.00. Following the completion of the sale, the insider now owns 205,238 shares in the company, valued at approximately $18,085,572.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total value of $4,955,002.56. Following the completion of the transaction, the chief executive officer now owns 12,183 shares in the company, valued at $1,152,389.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,029,347 shares of company stock valued at $100,594,226. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several hedge funds have recently added to or reduced their stakes in NET. Riverview Trust Co bought a new position in shares of Cloudflare during the first quarter worth $27,000. Allspring Global Investments Holdings LLC raised its stake in Cloudflare by 595.0% during the 1st 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 Cloudflare during the 4th quarter worth $38,000. GAMMA Investing LLC bought a new position in Cloudflare during the fourth quarter worth about $39,000. Finally, Pingora Partners LLC acquired a new position in Cloudflare in the fourth quarter valued at about $42,000. Institutional investors and hedge funds 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.