Cloudflare (NYSE:NET) Given New $108.00 Price Target at Royal Bank of Canada

Cloudflare (NYSE:NETFree Report) had its target price increased by Royal Bank of Canada from $95.00 to $108.00 in a report issued on Friday, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities research analysts have also recently commented on the company. Cantor Fitzgerald restated a neutral rating and set a $100.00 price target (up previously from $70.00) on shares of Cloudflare in a research note on Friday. Piper Sandler decreased their price objective on shares of Cloudflare from $64.00 to $60.00 and set a neutral rating on the stock in a report on Friday, November 3rd. JMP Securities lifted their target price on shares of Cloudflare from $75.00 to $90.00 and gave the stock a market outperform rating in a research note on Wednesday, January 31st. Truist Financial raised their price objective on Cloudflare from $80.00 to $90.00 and gave the stock a buy rating in a report on Tuesday, January 16th. Finally, Oppenheimer upgraded Cloudflare from a market perform rating to an outperform rating in a report on Tuesday, November 21st. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $86.52.

View Our Latest Report on Cloudflare

Cloudflare Stock Down 2.1 %

Shares of NYSE:NET opened at $105.64 on Friday. The stock has a market cap of $35.47 billion, a P/E ratio of -192.07 and a beta of 1.10. The firm has a fifty day moving average price of $82.41 and a 200 day moving average price of $70.57. The company has a debt-to-equity ratio of 1.83, a current ratio of 3.89 and a quick ratio of 3.89. Cloudflare has a 1-year low of $39.90 and a 1-year high of $116.00.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $71.22, for a total transaction of $3,730,788.48. Following the completion of the sale, the chief executive officer now owns 269,047 shares in the company, valued at approximately $19,161,527.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $71.22, for a total transaction of $3,730,788.48. Following the sale, the chief executive officer now owns 269,047 shares in the company, valued at $19,161,527.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 50,000 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $110.11, for a total value of $5,505,500.00. Following the transaction, the chief financial officer now directly owns 366,465 shares in the company, valued at approximately $40,351,461.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 939,020 shares of company stock valued at $74,143,110. 14.80% of the stock is owned by company insiders.

Institutional Trading of Cloudflare

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sunbelt Securities Inc. acquired a new stake in Cloudflare in the 1st quarter valued at about $29,000. JTC Employer Solutions Trustee Ltd acquired a new position in Cloudflare in the 3rd quarter valued at $38,000. GAMMA Investing LLC acquired a new position in Cloudflare in the 4th quarter valued at $39,000. Providence Capital Advisors LLC grew its holdings in Cloudflare by 6,065.0% in the 1st quarter. Providence Capital Advisors LLC now owns 2,466 shares of the company’s stock valued at $40,000 after buying an additional 2,426 shares in the last quarter. Finally, Pingora Partners LLC acquired a new position in Cloudflare in the 4th quarter valued at $42,000. 73.14% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Company Profile

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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, secure origin connection, and rate limiting products.

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