Cloudflare (NYSE:NET) Price Target Cut to $80.00

Cloudflare (NYSE:NET) had its price objective reduced by Susquehanna from $115.00 to $80.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also commented on the company. DZ Bank lowered Cloudflare from a buy rating to a hold rating and set a $110.00 price objective on the stock. in a research report on Tuesday, February 13th. 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 on the stock. Cantor Fitzgerald lowered their price objective on shares of Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a report on Friday, May 3rd. Oppenheimer reduced their target price on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating on the stock in a report on Friday, May 3rd. Finally, Piper Sandler reissued a neutral rating and issued a $81.00 price target (down from $110.00) on shares of Cloudflare in a research note on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $89.48.

Cloudflare Stock Performance

Cloudflare stock opened at $72.45 on Monday. Cloudflare has a fifty-two week low of $45.47 and a fifty-two week high of $116.00. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. The stock has a market cap of $24.46 billion, a P/E ratio of -136.70 and a beta of 1.15. The firm’s fifty day moving average price is $92.19 and its 200-day moving average price is $83.85.

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

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $72.51, for a total value of $3,798,363.84. Following the completion of the sale, the chief executive officer now directly owns 230,612 shares in the company, valued at $16,721,676.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the sale, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at $16,721,676.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 50,000 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at approximately $40,351,461.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,141,153 shares of company stock valued at $108,765,387. Company insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently bought and sold shares of NET. Vanguard Group Inc. grew its position in Cloudflare by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after purchasing an additional 740,914 shares during the last quarter. Capital World Investors raised its position in Cloudflare by 1.8% in the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after acquiring an additional 487,308 shares during the period. 1832 Asset Management L.P. grew its position in shares of Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after acquiring an additional 1,597,900 shares during the period. Norges Bank bought a new stake in Cloudflare during the fourth quarter valued at about $221,858,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Cloudflare by 0.9% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock worth $109,451,000 after acquiring an additional 14,984 shares during the period. Hedge funds and other 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.