Cloudflare (NYSE:NET) Shares Gap Up After Analyst Upgrade

Cloudflare, Inc. (NYSE:NETGet Free Report)’s stock price gapped up prior to trading on Friday after Truist Financial raised their price target on the stock from $90.00 to $120.00. The stock had previously closed at $90.31, but opened at $110.10. Truist Financial currently has a buy rating on the stock. Cloudflare shares last traded at $113.20, with a volume of 14,091,834 shares changing hands.

Several other brokerages also recently commented on NET. Susquehanna boosted their price objective on shares of Cloudflare from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday. Capital One Financial initiated coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Cloudflare from $53.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday. Oppenheimer upgraded shares of Cloudflare from a “market perform” rating to an “outperform” rating in a research report on Tuesday, November 21st. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $100.00 price objective (up from $70.00) on shares of Cloudflare in a research report on Friday. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $85.13.

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Insider Activity

In related news, Director Carl Ledbetter sold 66,384 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $86.88, for a total value of $5,767,441.92. Following the completion of the transaction, the director now directly owns 1,472,932 shares of the company’s stock, valued at approximately $127,968,332.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Carl Ledbetter sold 66,384 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $86.88, for a total value of $5,767,441.92. Following the completion of the transaction, the director now directly owns 1,472,932 shares of the company’s stock, valued at approximately $127,968,332.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Scott D. Sandell sold 211,534 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $73.17, for a total transaction of $15,477,942.78. Following the completion of the transaction, the director now directly owns 6,325 shares of the company’s stock, valued at $462,800.25. The disclosure for this sale can be found here. Insiders sold 941,404 shares of company stock valued at $71,962,946 in the last three months. Company insiders own 14.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. grew its position in shares of Cloudflare by 6.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 69,760 shares of the company’s stock valued at $5,808,000 after purchasing an additional 4,300 shares in the last quarter. Sepio Capital LP lifted its holdings in shares of Cloudflare by 4.9% during the 4th quarter. Sepio Capital LP now owns 25,610 shares of the company’s stock worth $2,132,000 after acquiring an additional 1,186 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Cloudflare during the 4th quarter worth $182,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Cloudflare by 5.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 65,790 shares of the company’s stock worth $5,478,000 after acquiring an additional 3,164 shares during the last quarter. Finally, Balboa Wealth Partners bought a new stake in shares of Cloudflare during the 4th quarter worth $211,000. 73.14% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Price Performance

The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 1.83. The company has a market capitalization of $36.24 billion, a P/E ratio of -196.21 and a beta of 1.10. The business’s fifty day moving average price is $81.90 and its 200-day moving average price is $70.25.

Cloudflare Company Profile

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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.

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