Robert W. Baird Cuts Cloudflare (NYSE:NET) Price Target to $94.00

Cloudflare (NYSE:NET) had its target price cut by Robert W. Baird from $100.00 to $94.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

NET has been the topic of a number of other research reports. Sanford C. Bernstein assumed coverage on shares of Cloudflare in a research report on Thursday, January 18th. They set a market perform rating and a $85.00 target price on the stock. Truist Financial upped their target price 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. Capital One Financial started coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They set an equal weight rating and a $83.00 price target for the company. Needham & Company LLC increased their price target on shares of Cloudflare from $110.00 to $135.00 and gave the company a buy rating in a research report on Friday, February 9th. Finally, Cantor Fitzgerald reaffirmed a neutral rating and set a $100.00 price objective on shares of Cloudflare in a report on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $90.13.

Cloudflare Trading Down 0.1 %

NET opened at $74.29 on Friday. The firm has a market capitalization of $25.08 billion, a price-to-earnings ratio of -140.17 and a beta of 1.15. Cloudflare has a fifty-two week low of $44.60 and a fifty-two week high of $116.00. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The company’s 50 day moving average price is $93.17 and its two-hundred day moving average price is $83.83.

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

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the sale, the director now directly owns 1,446,957 shares in the company, valued at $117,811,238.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction on Friday, February 9th. The stock was sold at an average price of $110.08, for a total transaction of $660,480.00. Following the completion of the transaction, the insider now directly owns 216,114 shares in the company, valued at $23,789,829.12. The disclosure for this sale can be found here. Insiders sold a total of 1,044,347 shares of company stock worth $101,703,776 over the last three months. 12.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NET. Riverview Trust Co purchased a new position in Cloudflare during the 1st quarter valued at $27,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in Cloudflare in the fourth quarter worth approximately $38,000. GAMMA Investing LLC bought a new stake in shares of Cloudflare in the fourth quarter worth $39,000. Finally, Pingora Partners LLC bought a new position in Cloudflare in the fourth quarter valued at about $42,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.