Cloudflare (NYSE:NET) Price Target Lowered to $90.00 at Citigroup

Cloudflare (NYSE:NET) had its price objective decreased by research analysts at Citigroup from $95.00 to $90.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target points to a potential upside of 22.72% from the stock’s previous close.

NET has been the subject of a number of other reports. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a research report on Friday, May 3rd. Capital One Financial assumed coverage on shares of Cloudflare in a research note on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price objective for the company. Bank of America increased their price target on Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a report on Friday, May 3rd. JMP Securities raised 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. Finally, UBS Group cut their price target on Cloudflare from $88.00 to $76.00 and set a “sell” rating on the stock in a report on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus target price of $90.57.

Cloudflare Stock Up 1.2 %

NYSE NET traded up $0.89 during trading on Thursday, reaching $73.34. 2,498,540 shares of the company’s stock were exchanged, compared to its average volume of 3,934,175. The firm has a market capitalization of $24.76 billion, a PE ratio of -138.98 and a beta of 1.15. The company’s fifty day simple moving average is $92.19 and its 200-day simple moving average is $83.85. Cloudflare has a fifty-two week low of $47.79 and a fifty-two week high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million during the quarter, compared to analyst estimates 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 predict that Cloudflare will post -0.2 EPS for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the completion of the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at approximately $16,721,676.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the sale, the chief executive officer now owns 230,612 shares of the company’s stock, valued at approximately $16,721,676.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the transaction, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at $25,036,551.93. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,141,153 shares of company stock valued at $108,765,387. Insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Large investors have recently added to or reduced their stakes in the stock. Deutsche Bank AG raised its holdings in shares of Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in Cloudflare during the third quarter valued at about $569,000. International Assets Investment Management LLC purchased a new position in Cloudflare in the fourth quarter valued at about $11,639,000. Blueshift Asset Management LLC lifted its position in shares of Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after buying an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier raised its stake in shares of Cloudflare by 4.5% during the 4th quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $33,937,000 after acquiring an additional 17,600 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other 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.