Cloudflare (NYSE:NET) Price Target Raised to $170.00

Cloudflare (NYSE:NET) had its price objective increased by Royal Bank of Canada from $123.00 to $170.00 in a research note published on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus boosted their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday. The Goldman Sachs Group boosted their price target on shares of Cloudflare from $140.00 to $183.00 and gave the stock a “buy” rating in a report on Friday. UBS Group raised their price objective on shares of Cloudflare from $130.00 to $165.00 and gave the stock a “neutral” rating in a report on Friday. Wells Fargo & Company boosted their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Finally, Cantor Fitzgerald raised their price target on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $128.48.

Cloudflare Stock Performance

NYSE NET opened at $166.88 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a fifty day moving average price of $118.89 and a 200-day moving average price of $97.11. Cloudflare has a 1 year low of $66.24 and a 1 year high of $171.38. The firm has a market cap of $57.27 billion, a price-to-earnings ratio of -758.52 and a beta of 1.12.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities research analysts predict that Cloudflare will post -0.04 EPS for the current fiscal year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $136.63, for a total transaction of $2,049,450.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $34,549,491.47. The trade was a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the transaction, the insider now owns 175,688 shares in the company, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 633,738 shares of company stock worth $69,632,506 in the last three months. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Sequoia Financial Advisors LLC lifted its stake in Cloudflare by 30.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,649 shares of the company’s stock worth $393,000 after purchasing an additional 850 shares during the last quarter. Miller Financial Services LLC purchased a new position in shares of Cloudflare during the 4th quarter valued at about $445,000. Clare Market Investments LLC purchased a new stake in Cloudflare in the fourth quarter worth approximately $702,000. Independent Advisor Alliance boosted its stake in Cloudflare by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 28,292 shares of the company’s stock worth $3,046,000 after buying an additional 130 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Cloudflare by 3.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 23,552 shares of the company’s stock worth $2,536,000 after acquiring an additional 800 shares in the last quarter. 82.68% of the stock is currently 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.