Cloudflare (NYSE:NET) Price Target Cut to $148.00 by Analysts at Royal Bank of Canada

Cloudflare (NYSE:NET) had its price objective lowered by Royal Bank of Canada from $170.00 to $148.00 in a research note released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other analysts also recently commented on NET. Morgan Stanley raised their price objective on shares of Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Oppenheimer downgraded shares of Cloudflare from an “outperform” rating to a “market perform” rating in a report on Friday, February 7th. Cantor Fitzgerald lifted their price target on shares of Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Piper Sandler reduced their price target on shares of Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their price target for the company from $95.00 to $145.00 in a report on Friday, January 17th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $130.92.

Cloudflare Stock Down 5.0 %

Shares of NET stock opened at $113.38 on Thursday. The company has a market capitalization of $39.12 billion, a price-to-earnings ratio of -515.35 and a beta of 1.27. Cloudflare has a one year low of $66.24 and a one year high of $177.37. The company’s fifty day moving average price is $136.44 and its 200-day moving average price is $108.28. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last announced 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%. Sell-side analysts expect that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $156.67, for a total transaction of $4,017,018.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the sale, the chief executive officer now owns 413,413 shares of the company’s stock, valued at $59,961,421.52. The trade was a 11.25 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 571,766 shares of company stock valued at $73,804,307. Company insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors lifted its holdings in Cloudflare by 0.7% during the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company’s stock valued at $3,812,942,000 after buying an additional 260,415 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cloudflare by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock worth $526,986,000 after purchasing an additional 68,661 shares during the period. Groupama Asset Managment purchased a new stake in shares of Cloudflare in the 4th quarter worth approximately $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare in the 4th quarter worth approximately $249,544,000. Finally, American Century Companies Inc. lifted its position in shares of Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the period. Institutional investors own 82.68% of the company’s stock.

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.