Cloudflare (NYSE:NET) Trading 2.2% Higher – What’s Next?

Cloudflare, Inc. (NYSE:NET)’s share price was up 2.2% during trading on Wednesday . The stock traded as high as $146.58 and last traded at $146.32. Approximately 943,515 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 3,921,136 shares. The stock had previously closed at $143.14.

Analyst Ratings Changes

A number of research firms recently commented on NET. Morgan Stanley boosted their target price on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Piper Sandler upped their price target on shares of Cloudflare from $92.00 to $153.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Cantor Fitzgerald increased their price target on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Robert W. Baird reissued a “neutral” rating and issued a $140.00 price objective (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Finally, Stifel Nicolaus boosted their price objective on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a report on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $136.28.

Cloudflare Stock Performance

The company has a 50 day simple moving average of $131.29 and a 200-day simple moving average of $104.42. 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 stock has a market capitalization of $49.84 billion, a P/E ratio of -663.04 and a beta of 1.12.

Cloudflare (NYSE:NET) last posted its earnings results 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%. On average, equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity

In other news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the transaction, the insider now owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 533,278 shares of company stock valued at $66,134,227 over the last three months. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of large investors have recently made changes to their positions in the stock. Gordian Capital Singapore Pte Ltd bought a new position in Cloudflare in the fourth quarter worth about $43,000. Capital Performance Advisors LLP acquired a new position in Cloudflare in the third quarter valued at approximately $38,000. Quarry LP raised its holdings in Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares during the period. Larson Financial Group LLC raised its position in shares of Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after purchasing an additional 517 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 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.