KeyCorp Cuts Cloudflare (NYSE:NET) Price Target to $94.00

Cloudflare (NYSE:NET) had its target price cut by KeyCorp from $132.00 to $94.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued research reports about the company. Robert W. Baird decreased their price target on Cloudflare from $100.00 to $94.00 and set an outperform rating for the company in a research note on Friday. Sanford C. Bernstein initiated coverage on Cloudflare in a research report on Thursday, January 18th. They issued a market perform rating and a $85.00 target price for the company. Piper Sandler reissued a neutral rating and set a $81.00 price objective (down previously from $110.00) on shares of Cloudflare in a research report on Friday. Needham & Company LLC reaffirmed a buy rating and issued a $135.00 target price on shares of Cloudflare in a report on Friday. Finally, Cantor Fitzgerald reduced their price target on Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research report on Friday. Four investment 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. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $90.13.

Cloudflare Stock Down 0.1 %

NYSE NET traded down $0.10 during trading hours on Friday, reaching $74.30. 6,403,901 shares of the company’s stock traded hands, compared to its average volume of 3,950,150. Cloudflare has a 52-week low of $44.60 and a 52-week high of $116.00. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The firm has a 50-day simple moving average of $93.67 and a 200 day simple moving average of $83.75. The firm has a market cap of $25.09 billion, a PE ratio of -141.34 and a beta of 1.15.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Sell-side analysts anticipate that Cloudflare will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $99.64, for a total value of $298,920.00. Following the completion of the transaction, the insider now owns 205,238 shares in the company, valued at approximately $20,449,914.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the transaction, the chief executive officer now directly owns 12,183 shares in the company, valued at approximately $1,152,389.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now owns 205,238 shares of the company’s stock, valued at approximately $20,449,914.32. The disclosure for this sale can be found here. Insiders have sold 1,029,347 shares of company stock valued at $100,594,226 over the last ninety days. 12.83% of the stock is owned by insiders.

Institutional Trading of Cloudflare

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Cloudflare in the fourth quarter worth about $221,858,000. 1832 Asset Management L.P. lifted its position in shares of Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after purchasing an additional 1,597,900 shares during the period. Vanguard Group Inc. boosted its position in Cloudflare by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares in the last quarter. Capital World Investors grew its stake in Cloudflare by 1.8% in the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after purchasing an additional 487,308 shares during the last quarter. Finally, SpiderRock Advisors LLC bought a new position in Cloudflare in the first quarter worth about $37,740,000. Hedge funds and other 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.