Brokerages Set Cloudflare, Inc. (NYSE:NET) Target Price at $92.88

Shares of Cloudflare, Inc. (NYSE:NET) have received an average recommendation of “Hold” from the twenty-six brokerages that are presently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and ten have given a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $92.88.

Several analysts have recently issued reports on the stock. Mizuho lifted their target price on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Piper Sandler boosted their price objective on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Wells Fargo & Company raised their target price on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Guggenheim boosted their price target on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald raised their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 2nd.

Insider Activity at Cloudflare

In other news, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $100.44, for a total transaction of $2,575,281.60. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares in the company, valued at $17,372,001.96. This trade represents a 12.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $78.06, for a total value of $4,089,095.04. Following the completion of the sale, the chief executive officer now owns 10,761 shares in the company, valued at $840,003.66. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 606,952 shares of company stock worth $53,078,202. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CVA Family Office LLC lifted its holdings in Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Cloudflare during the second quarter worth $29,000. Quarry LP raised its stake in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in Cloudflare during the 3rd quarter worth $38,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

NYSE NET opened at $99.88 on Monday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a twelve month low of $66.24 and a twelve month high of $116.00. The stock has a 50-day moving average of $90.25 and a 200 day moving average of $82.40. The stock has a market capitalization of $34.28 billion, a price-to-earnings ratio of -384.15 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Sell-side analysts anticipate that Cloudflare will post -0.11 EPS for the current fiscal year.

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.