Cloudflare (NYSE:NET) Given New $68.00 Price Target at Guggenheim

Cloudflare (NYSE:NET) had its price objective hoisted by Guggenheim from $57.00 to $68.00 in a report released on Friday,Benzinga reports. The firm currently has a sell rating on the stock.

Several other research firms also recently commented on NET. Jefferies Financial Group boosted their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Oppenheimer downgraded shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday. Scotiabank lifted their target price on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and increased their price target for the company from $95.00 to $145.00 in a report on Friday, January 17th. Finally, Wells Fargo & Company boosted their price objective on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $128.48.

Cloudflare Stock Performance

Shares of NET stock opened at $166.88 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company’s fifty day moving average price is $117.55 and its 200-day moving average price is $96.24. Cloudflare has a 12 month low of $66.24 and a 12 month high of $171.38.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Equities analysts expect that Cloudflare will post -0.04 earnings per share for the current year.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.06, for a total value of $4,665,319.04. Following the completion of the transaction, the chief executive officer now owns 192,177 shares of the company’s stock, valued at approximately $17,115,283.62. This represents a 21.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $136.63, for a total value of $2,049,450.00. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $34,549,491.47. This represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 633,738 shares of company stock worth $69,632,506. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several institutional investors have recently made changes to their positions in the business. CVA Family Office LLC boosted its stake in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Cloudflare in the third quarter worth $38,000. Quarry LP boosted its position in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares during the last quarter. Larson Financial Group LLC grew its stake in Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after acquiring an additional 517 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the last quarter. 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.