Cloudflare (NYSE:NET) PT Raised to $60.00 at Bank of America

Cloudflare (NYSE:NET) had its target price boosted by equities research analysts at Bank of America from $52.00 to $60.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Bank of America‘s target price points to a potential downside of 19.48% from the stock’s previous close.

Several other brokerages have also recently weighed in on NET. Oppenheimer dropped their price target on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday. Robert W. Baird reduced their price objective on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a research note on Friday. KeyCorp upped their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. JMP Securities raised their price target on Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, January 31st. Finally, Needham & Company LLC upped their price objective on Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $90.17.

Cloudflare Stock Down 16.2 %

Shares of NYSE:NET traded down $14.45 during trading on Friday, reaching $74.52. 18,643,020 shares of the stock traded hands, compared to its average volume of 3,930,820. The stock has a market cap of $25.16 billion, a P/E ratio of -135.49 and a beta of 1.15. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. The stock has a 50-day moving average of $94.15 and a two-hundred day moving average of $83.39. Cloudflare has a 52-week low of $39.90 and a 52-week high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. As a group, sell-side analysts expect that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the transaction, the chief operating officer now owns 38,545 shares in the company, valued at approximately $3,899,597.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, COO Michelle Zatlyn sold 277,376 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the completion of the sale, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas James Kramer sold 6,000 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the transaction, the insider now directly owns 216,114 shares in the company, valued at approximately $23,789,829.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in Cloudflare during the first quarter worth about $27,000. Allspring Global Investments Holdings LLC lifted its position in Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares in the last quarter. ICA Group Wealth Management LLC purchased a new position in Cloudflare in the 4th quarter worth approximately $38,000. GAMMA Investing LLC acquired a new stake in Cloudflare in the fourth quarter valued at approximately $39,000. Finally, Pingora Partners LLC acquired a new position in shares of Cloudflare during the fourth quarter worth $42,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

About Cloudflare

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.