Piper Sandler Cuts Cloudflare (NYSE:NET) Price Target to $112.00

Cloudflare (NYSE:NET) had its price objective reduced by Piper Sandler from $131.00 to $112.00 in a research report released on Tuesday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other analysts have also recently issued reports on the company. Bank of America raised Cloudflare from an “underperform” rating to a “buy” rating and increased their target price for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Cantor Fitzgerald raised their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Susquehanna upped their target price on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Jefferies Financial Group lifted their price target on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and an average target price of $134.88.

Cloudflare Trading Down 1.3 %

NET opened at $97.12 on Tuesday. The firm’s fifty day moving average is $134.15 and its two-hundred day moving average is $113.00. The firm has a market cap of $33.51 billion, a PE ratio of -441.44 and a beta of 1.59. Cloudflare has a twelve month low of $66.24 and a twelve month high of $177.37. 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, 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 return on equity of 5.52% and a negative net margin of 4.72%. Equities research analysts anticipate that Cloudflare will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now owns 175,688 shares in the company, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 31,136 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $120.10, for a total transaction of $3,739,433.60. Following the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $30,369,566.90. This trade represents a 10.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 507,278 shares of company stock worth $67,522,751. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of large investors have recently made changes to their positions in NET. MassMutual Private Wealth & Trust FSB grew its holdings in Cloudflare by 115.4% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after buying an additional 142 shares in the last quarter. Global Financial Private Client LLC boosted its position in shares of Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock valued at $43,000 after acquiring an additional 381 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Cloudflare in the fourth quarter valued at about $43,000. Quarry LP increased its position in 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 period. Finally, Park Square Financial Group LLC acquired a new stake in Cloudflare in the 4th quarter worth about $56,000. 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.