Cloudflare (NYSE:NET) Price Target Raised to $24.00 at Needham & Company LLC

Cloudflare (NYSE:NET) had its price objective hoisted by equities researchers at Needham & Company LLC from $22.00 to $24.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 32.82% from the stock’s current price.

NET has been the subject of several other research reports. Jefferies Financial Group lifted their price target on shares of Cloudflare from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday. They noted that the move was a valuation call. Robert W. Baird initiated coverage on shares of Cloudflare in a research report on Thursday, January 9th. They set an “outperform” rating and a $22.00 price target for the company. Piper Jaffray Companies initiated coverage on shares of Cloudflare in a research report on Monday, November 4th. They set an “overweight” rating and a $20.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research report on Thursday, January 16th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $21.25.

Shares of NYSE:NET opened at $18.07 on Friday. Cloudflare has a one year low of $14.50 and a one year high of $22.08. The business’s 50 day simple moving average is $17.81. The company has a quick ratio of 9.02, a current ratio of 9.02 and a debt-to-equity ratio of 0.01.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. As a group, equities research analysts forecast that Cloudflare will post -0.75 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Stifel Financial Corp acquired a new position in Cloudflare during the fourth quarter valued at approximately $1,997,000. Solstein Capital LLC acquired a new position in Cloudflare during the fourth quarter valued at approximately $181,000. Franklin Resources Inc. grew its holdings in Cloudflare by 107.5% during the fourth quarter. Franklin Resources Inc. now owns 5,925,638 shares of the company’s stock valued at $99,545,000 after purchasing an additional 3,069,938 shares during the period. Citigroup Inc. acquired a new position in Cloudflare during the fourth quarter valued at approximately $184,000. Finally, Apertura Capital LLC acquired a new position in Cloudflare during the fourth quarter valued at approximately $853,000. Hedge funds and other institutional investors own 18.00% of the company’s stock.

Cloudflare Company Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Analyst Recommendations for Cloudflare (NYSE:NET)

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