Brokerages Set Cloudflare, Inc. (NYSE:NET) PT at $66.40

Shares of Cloudflare, Inc. (NYSE:NET) have received a consensus recommendation of “Hold” from the twenty-three brokerages that are presently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $65.85.

NET has been the subject of a number of research analyst reports. Needham & Company LLC increased their price target on Cloudflare from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, August 4th. Wells Fargo & Company raised their target price on Cloudflare from $55.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Guggenheim cut Cloudflare from a “neutral” rating to a “sell” rating and set a $50.00 target price for the company. in a report on Monday, August 7th. Robert W. Baird lifted their price objective on Cloudflare from $64.00 to $75.00 in a research note on Friday, July 28th. Finally, Royal Bank of Canada lifted their price objective on Cloudflare from $54.00 to $71.00 and gave the company an “outperform” rating in a research note on Monday, July 31st.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, General Counsel Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $65.48, for a total value of $196,440.00. Following the completion of the sale, the general counsel now owns 160,495 shares in the company, valued at $10,509,212.60. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Carl Ledbetter sold 30,145 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $64.76, for a total transaction of $1,952,190.20. Following the completion of the sale, the director now owns 1,938,954 shares in the company, valued at $125,566,661.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $65.48, for a total value of $196,440.00. Following the sale, the general counsel now owns 160,495 shares of the company’s stock, valued at approximately $10,509,212.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 654,883 shares of company stock worth $42,008,576. 14.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Several large investors have recently modified their holdings of NET. TFC Financial Management Inc. purchased a new stake in shares of Cloudflare during the fourth quarter worth approximately $29,000. Sunbelt Securities Inc. purchased a new stake in shares of Cloudflare during the first quarter worth approximately $29,000. Belpointe Asset Management LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth approximately $31,000. First Horizon Advisors Inc. raised its stake in shares of Cloudflare by 45.4% during the fourth quarter. First Horizon Advisors Inc. now owns 682 shares of the company’s stock worth $31,000 after purchasing an additional 213 shares during the last quarter. Finally, Alta Advisers Ltd purchased a new stake in shares of Cloudflare during the second quarter worth approximately $39,000. Hedge funds and other institutional investors own 73.14% of the company’s stock.

Cloudflare Stock Performance

NYSE NET opened at $62.70 on Friday. The stock has a market cap of $20.95 billion, a PE ratio of -93.57 and a beta of 0.94. The company has a current ratio of 3.84, a quick ratio of 3.84 and a debt-to-equity ratio of 2.00. Cloudflare has a twelve month low of $37.37 and a twelve month high of $76.07. The stock has a fifty day simple moving average of $64.86 and a 200-day simple moving average of $61.19.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 3rd. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business had revenue of $308.49 million for the quarter, compared to analysts’ expectations of $305.63 million. Cloudflare had a negative return on equity of 21.42% and a negative net margin of 19.61%. Equities analysts anticipate that Cloudflare will post -0.34 earnings per share for the current year.

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, secure origin connection, and rate limiting products.