Cloudflare (NYSE:NET) Price Target Cut to $105.00 by Analysts at Wells Fargo & Company

Cloudflare (NYSE:NET) had its price objective cut by analysts at Wells Fargo & Company from $125.00 to $105.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 40.90% from the stock’s previous close.

Other research analysts also recently issued reports about the company. 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 note on Friday. Bank of America boosted their price target on Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a research note on Friday. Piper Sandler reaffirmed a “neutral” rating and issued a $81.00 price target (down previously from $110.00) on shares of Cloudflare in a research note on Friday. KeyCorp boosted their price target on Cloudflare from $94.00 to $132.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Finally, Capital One Financial initiated coverage on Cloudflare in a research note on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price target on the stock. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Cloudflare presently has an average rating of “Hold” and a consensus price target of $90.17.

Cloudflare Stock Performance

Shares of NET stock traded down $14.45 during trading on Friday, reaching $74.52. The company had a trading volume of 18,643,020 shares, compared to its average volume of 3,930,820. The firm’s 50 day simple moving average is $93.67 and its two-hundred day simple moving average is $83.47. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. Cloudflare has a one year low of $39.90 and a one year high of $116.00. The company has a market capitalization of $25.16 billion, a PE ratio of -135.49 and a beta of 1.15.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. The business had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Sell-side analysts forecast that Cloudflare will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the transaction, the director now owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $87.02, for a total transaction of $1,305,300.00. Following the sale, the chief financial officer now directly owns 338,469 shares in the company, valued at $29,453,572.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the sale, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NET. Riverview Trust Co purchased a new stake in Cloudflare in the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC grew its position in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the period. ICA Group Wealth Management LLC purchased a new stake in shares of Cloudflare in the 4th quarter worth about $38,000. GAMMA Investing LLC purchased a new stake in Cloudflare during the 4th quarter valued at about $39,000. Finally, Pingora Partners LLC bought a new position in Cloudflare during the 4th quarter valued at about $42,000. 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.