Cloudflare (NYSE:NET) Given New $47.00 Price Target at Morgan Stanley

Cloudflare (NYSE:NETGet Rating) had its price objective cut by Morgan Stanley from $52.00 to $47.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Credit Suisse Group decreased their price objective on shares of Cloudflare from $125.00 to $95.00 and set an outperform rating for the company in a research report on Friday, November 4th. Jefferies Financial Group decreased their price objective on shares of Cloudflare from $70.00 to $60.00 and set a hold rating for the company in a research report on Tuesday, October 25th. Robert W. Baird decreased their price objective on shares of Cloudflare from $80.00 to $67.00 in a research report on Friday, November 4th. Wells Fargo & Company raised shares of Cloudflare from an equal weight rating to an overweight rating and lifted their price objective for the stock from $62.00 to $65.00 in a research report on Monday, October 17th. Finally, Cantor Fitzgerald lifted their price objective on shares of Cloudflare from $55.00 to $65.00 in a research report on Friday, November 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $75.13.

Cloudflare Stock Performance

NYSE:NET opened at $46.67 on Tuesday. The company has a fifty day simple moving average of $45.65 and a two-hundred day simple moving average of $53.21. The company has a market cap of $15.34 billion, a price-to-earnings ratio of -66.67 and a beta of 1.03. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 2.42. Cloudflare has a 52 week low of $37.37 and a 52 week high of $132.45.

Cloudflare (NYSE:NETGet Rating) last posted its quarterly earnings results on Thursday, November 3rd. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $253.86 million during the quarter, compared to the consensus estimate of $250.20 million. Cloudflare had a negative net margin of 25.16% and a negative return on equity of 27.82%. As a group, equities analysts anticipate that Cloudflare will post -0.4 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In related news, General Counsel Douglas James Kramer sold 4,500 shares of the firm’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $50.00, for a total value of $225,000.00. Following the completion of the sale, the general counsel now owns 55,644 shares in the company, valued at $2,782,200. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, General Counsel Douglas James Kramer sold 4,500 shares of the firm’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $50.00, for a total value of $225,000.00. Following the completion of the sale, the general counsel now owns 55,644 shares in the company, valued at $2,782,200. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $52.89, for a total transaction of $2,770,589.76. The disclosure for this sale can be found here. Insiders sold a total of 495,785 shares of company stock worth $22,885,776 over the last 90 days. Company insiders own 15.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC increased its holdings in Cloudflare by 1,036.7% in the third quarter. Quadrant Capital Group LLC now owns 557 shares of the company’s stock valued at $31,000 after buying an additional 508 shares in the last quarter. Antonetti Capital Management LLC purchased a new position in Cloudflare in the second quarter valued at about $35,000. Exos TFP Holdings LLC purchased a new position in Cloudflare in the third quarter valued at about $44,000. TCI Wealth Advisors Inc. purchased a new position in shares of Cloudflare during the 3rd quarter worth approximately $46,000. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in shares of Cloudflare by 82.6% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,176 shares of the company’s stock worth $51,000 after purchasing an additional 532 shares in the last quarter. 69.97% of the stock is owned by hedge funds and other institutional investors.

About Cloudflare

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

Further Reading

Analyst Recommendations for Cloudflare (NYSE:NET)

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