Cloudflare (NYSE:NET) Upgraded to Buy at The Goldman Sachs Group

Cloudflare (NYSE:NET) was upgraded by research analysts at The Goldman Sachs Group from a “sell” rating to a “buy” rating in a note issued to investors on Thursday, MarketBeat.com reports. The firm presently has a $140.00 price objective on the stock, up from their previous price objective of $77.00. The Goldman Sachs Group’s price target would suggest a potential upside of 22.03% from the company’s current price.

A number of other brokerages also recently issued reports on NET. Mizuho upped their price objective on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Scotiabank increased their price target on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. Wells Fargo & Company increased their target price on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, UBS Group lifted their price target on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $101.37.

Cloudflare Stock Up 1.9 %

NYSE NET opened at $114.73 on Thursday. The stock has a 50 day moving average price of $102.82 and a 200-day moving average price of $89.09. Cloudflare has a one year low of $66.24 and a one year high of $119.42. The company has a market capitalization of $39.37 billion, a P/E ratio of -441.27 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, equities analysts predict that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 64,100 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the sale, the chief operating officer now owns 192,177 shares in the company, valued at approximately $15,681,643.20. The trade was a 25.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at $25,573,904.64. The trade was a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 614,592 shares of company stock valued at $60,146,600. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

Several large investors have recently bought and sold shares of the stock. CVA Family Office LLC lifted its stake in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares during the period. Quarry LP raised its stake in Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Cloudflare in the 3rd quarter worth $38,000. Quest Partners LLC acquired a new stake in Cloudflare during the 3rd quarter worth about $54,000. Finally, Versant Capital Management Inc increased its holdings in shares of Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

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.