Cloudflare (NYSE:NET) Price Target Cut to $80.00 by Analysts at JPMorgan Chase & Co.

Cloudflare (NYSE:NET) had its target price decreased by JPMorgan Chase & Co. from $90.00 to $80.00 in a research note published on Friday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other brokerages also recently weighed in on NET. Royal Bank of Canada boosted their price target on Cloudflare from $95.00 to $108.00 and gave the company an outperform rating in a report on Friday, February 9th. DZ Bank lowered shares of Cloudflare from a buy rating to a hold rating and set a $110.00 price objective for the company. in a research note on Tuesday, February 13th. Needham & Company LLC reissued a buy rating and issued a $135.00 price target on shares of Cloudflare in a research report on Friday. Piper Sandler reissued a neutral rating and set a $81.00 target price (down from $110.00) on shares of Cloudflare in a research report on Friday. Finally, JMP Securities increased their target price on Cloudflare from $75.00 to $90.00 and gave the company a market outperform rating in a research note on Wednesday, January 31st. Four 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, the company currently has a consensus rating of Hold and a consensus target price of $90.17.

Cloudflare Stock Performance

NYSE:NET opened at $74.52 on Friday. The stock has a market cap of $25.16 billion, a PE ratio of -140.60 and a beta of 1.15. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The firm’s fifty day simple moving average is $93.67 and its 200-day simple moving average is $83.47. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. The company had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Analysts expect that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, Director Carl Ledbetter sold 8,022 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the completion of the sale, the director now directly owns 1,196,793 shares in the company, valued at $104,707,419.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Douglas James Kramer sold 6,000 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $110.08, for a total transaction of $660,480.00. Following the completion of the transaction, the insider now owns 216,114 shares in the company, valued at $23,789,829.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Carl Ledbetter sold 8,022 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total transaction of $701,844.78. Following the completion of the transaction, the director now owns 1,196,793 shares in the company, valued at $104,707,419.57. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

Several hedge funds have recently made changes to their positions in NET. Vanguard Group Inc. raised its position in shares of Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after purchasing an additional 740,914 shares during the period. Capital World Investors increased its position in shares of Cloudflare by 1.8% during the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after buying an additional 487,308 shares during the period. 1832 Asset Management L.P. boosted its position in shares of Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after acquiring an additional 1,597,900 shares during the period. Norges Bank bought a new stake in Cloudflare during the 4th quarter worth approximately $221,858,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Cloudflare by 0.9% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock valued at $109,451,000 after purchasing an additional 14,984 shares during the period. 82.68% of the stock is currently owned by 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.