Cloudflare (NYSE:NET) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Cloudflare (NYSE:NET) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $110.00 to $115.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 31.09% from the company’s current price.

Other analysts have also issued research reports about the stock. Guggenheim boosted their price target on shares of Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research report on Friday. Jefferies Financial Group raised their price target on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Piper Sandler increased their price objective on Cloudflare from $92.00 to $153.00 and gave the stock a “neutral” rating in a report on Friday. Oppenheimer lowered Cloudflare from an “outperform” rating to a “market perform” rating in a report on Friday. Finally, Truist Financial raised their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $128.48.

Cloudflare Stock Up 17.9 %

Shares of NYSE:NET traded up $25.36 during trading on Friday, reaching $166.88. 15,052,508 shares of the stock were exchanged, compared to its average volume of 3,732,141. Cloudflare has a 1-year low of $66.24 and a 1-year high of $171.38. The stock has a fifty day moving average of $117.55 and a two-hundred day moving average of $96.24. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a market cap of $57.27 billion, a price-to-earnings ratio of -641.83 and a beta of 1.12.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Research analysts anticipate that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the sale, the chief executive officer now owns 192,177 shares of the company’s stock, valued at $17,115,283.62. The trade was a 21.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 633,738 shares of company stock valued at $69,632,506 over the last 90 days. Company insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Clare Market Investments LLC acquired a new stake in shares of Cloudflare during the fourth quarter worth about $702,000. Independent Advisor Alliance boosted its stake in shares of Cloudflare by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 28,292 shares of the company’s stock worth $3,046,000 after buying an additional 130 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Cloudflare by 3.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 23,552 shares of the company’s stock valued at $2,536,000 after acquiring an additional 800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Cloudflare by 1.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,689 shares of the company’s stock valued at $9,012,000 after acquiring an additional 1,360 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Cloudflare in the 4th quarter worth approximately $525,000. 82.68% of the stock is currently owned by hedge funds and other 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.