Cloudflare (NYSE:NET) Given New $88.00 Price Target at Mizuho

Cloudflare (NYSE:NET) had its price objective reduced by Mizuho from $95.00 to $88.00 in a report issued on Friday morning, Benzinga reports. Mizuho currently has a neutral rating on the stock.

Other research analysts have also issued research reports about the stock. Sanford C. Bernstein began coverage on shares of Cloudflare in a research note on Thursday, January 18th. They set a market perform rating and a $85.00 price objective on the stock. JPMorgan Chase & Co. lifted their price target on Cloudflare from $53.00 to $90.00 and gave the stock a neutral rating in a research note on Friday, February 9th. KeyCorp raised their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an overweight rating in a report on Friday, February 9th. Truist Financial raised their price objective on shares of Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a research note on Friday, February 9th. Finally, Susquehanna upped their target price on Cloudflare from $75.00 to $115.00 and gave the company a neutral rating in a report on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Cloudflare has a consensus rating of Hold and a consensus price target of $90.13.

Cloudflare Price Performance

Shares of NYSE NET opened at $74.29 on Friday. The business has a 50 day simple moving average of $93.17 and a 200-day simple moving average of $83.83. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a twelve month low of $44.60 and a twelve month high of $116.00. The company has a market capitalization of $25.08 billion, a price-to-earnings ratio of -140.17 and a beta of 1.15.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. As a group, equities research analysts expect that Cloudflare will post -0.2 earnings per share for the current year.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the sale, the chief executive officer now owns 12,183 shares of the company’s stock, valued at approximately $1,152,389.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $73.97, for a total value of $1,109,550.00. Following the completion of the transaction, the chief financial officer now owns 338,469 shares of the company’s stock, valued at $25,036,551.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total value of $4,955,002.56. Following the sale, the chief executive officer now directly owns 12,183 shares in the company, valued at $1,152,389.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,044,347 shares of company stock valued at $101,703,776. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC raised its stake in Cloudflare by 302.5% during the first quarter. SG Americas Securities LLC now owns 25,174 shares of the company’s stock worth $2,438,000 after acquiring an additional 18,919 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Cloudflare by 24.3% in the 1st quarter. Empowered Funds LLC now owns 3,528 shares of the company’s stock worth $342,000 after purchasing an additional 689 shares during the last quarter. AIA Group Ltd increased its position in shares of Cloudflare by 33.4% during the 1st quarter. AIA Group Ltd now owns 23,352 shares of the company’s stock worth $2,261,000 after purchasing an additional 5,848 shares in the last quarter. Quantbot Technologies LP bought a new position in Cloudflare during the 1st quarter valued at about $729,000. Finally, Geneos Wealth Management Inc. boosted its position in Cloudflare by 13.3% in the first quarter. Geneos Wealth Management Inc. now owns 13,457 shares of the company’s stock valued at $1,303,000 after buying an additional 1,583 shares in the last quarter. 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.