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

Cloudflare (NYSE:NET) had its price objective cut by Susquehanna from $115.00 to $80.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also issued reports on NET. Mizuho reduced their target price on shares of Cloudflare from $95.00 to $88.00 and set a neutral rating for the company in a research note on Friday. Capital One Financial initiated coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They issued an equal weight rating and a $83.00 price objective for the company. JPMorgan Chase & Co. cut their target price on Cloudflare from $90.00 to $80.00 and set a neutral rating on the stock in a research note on Friday. Sanford C. Bernstein initiated coverage on Cloudflare in a research report on Thursday, January 18th. They set a market perform rating and a $85.00 price target for the company. Finally, Cantor Fitzgerald cut their price objective on Cloudflare from $100.00 to $80.00 and set a neutral rating on the stock in a research report on Friday. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Cloudflare currently has a consensus rating of Hold and a consensus target price of $89.48.

Cloudflare Price Performance

Shares of NYSE:NET opened at $73.86 on Monday. Cloudflare has a twelve month low of $44.60 and a twelve month high of $116.00. The stock’s 50 day moving average is $93.17 and its 200-day moving average is $83.83. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $24.94 billion, a price-to-earnings ratio of -140.17 and a beta of 1.15.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Sell-side analysts forecast that Cloudflare will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the sale, the chief financial officer now directly owns 338,469 shares in the company, valued at approximately $25,036,551.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $73.97, for a total value of $1,109,550.00. Following the transaction, the chief financial officer now owns 338,469 shares in the company, valued at $25,036,551.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 50,000 shares of the 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 sale, the chief financial officer now 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 a total of 1,044,347 shares of company stock worth $101,703,776 in the last 90 days. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Cloudflare during the 4th quarter valued at about $221,858,000. 1832 Asset Management L.P. raised its holdings in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after purchasing an additional 1,597,900 shares in the last quarter. Vanguard Group Inc. grew its position 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 worth $2,344,534,000 after buying an additional 740,914 shares during the period. Capital World Investors increased its stake in shares of Cloudflare by 1.8% in the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after acquiring an additional 487,308 shares in the last quarter. Finally, SpiderRock Advisors LLC bought a new stake in Cloudflare during the first quarter worth about $37,740,000. 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.