Cloudflare (NYSE:NET) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Cloudflare (NYSE:NET) had its price target boosted by Wells Fargo & Company from $110.00 to $135.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also issued reports on NET. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and raised their price target for the stock from $95.00 to $136.00 in a research report on Tuesday, December 17th. Royal Bank of Canada boosted their target price on shares of Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Scotiabank increased their price target on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Jefferies Financial Group boosted their price objective on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, BNP Paribas assumed coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $102.30.

Cloudflare Trading Up 1.9 %

NYSE:NET opened at $115.82 on Tuesday. The company has a market capitalization of $39.75 billion, a P/E ratio of -445.46 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 12 month low of $66.24 and a 12 month high of $119.42. The firm has a fifty day simple moving average of $104.34 and a 200-day simple moving average of $89.91.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, equities research analysts anticipate that Cloudflare will post -0.1 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total value of $4,921,476.80. Following the completion of the sale, the chief executive officer now directly owns 10,761 shares in the company, valued at $1,010,995.95. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $90.88, for a total value of $1,363,200.00. Following the transaction, the chief financial officer now owns 281,403 shares in the company, valued at approximately $25,573,904.64. The trade was a 5.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 644,620 shares of company stock valued at $66,433,687 in the last 90 days. 12.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Cloudflare

Several institutional investors and hedge funds have recently bought and sold shares of NET. CVA Family Office LLC lifted its holdings in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares during the last quarter. Quarry LP lifted its stake in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Cloudflare during the 3rd quarter worth $38,000. Quest Partners LLC purchased a new stake in Cloudflare in the 3rd quarter valued at about $54,000. Finally, Versant Capital Management Inc raised its holdings in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after buying an additional 170 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.