The Goldman Sachs Group Cuts Cloudflare (NYSE:NET) Price Target to $77.00

Cloudflare (NYSE:NET) had its price objective cut by The Goldman Sachs Group from $89.00 to $77.00 in a research report report published on Monday morning, Benzinga reports. They currently have a sell rating on the stock.

NET has been the subject of a number of other research reports. KeyCorp reduced their target price on Cloudflare from $132.00 to $94.00 and set an overweight rating for the company in a report on Friday, May 3rd. Sanford C. Bernstein assumed coverage on shares of Cloudflare in a research note on Thursday, January 18th. They set a market perform rating and a $85.00 target price on the stock. DZ Bank lowered shares of Cloudflare from a buy rating to a hold rating and set a $110.00 price target for the company. in a research note on Tuesday, February 13th. Royal Bank of Canada increased their price objective on shares of Cloudflare from $95.00 to $108.00 and gave the company an outperform rating in a research report on Friday, February 9th. Finally, Mizuho cut their target price on shares of Cloudflare from $95.00 to $88.00 and set a neutral rating for the company in a research report on Friday, May 3rd. Four research 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, Cloudflare presently has a consensus rating of Hold and an average price target of $89.48.

Cloudflare Price Performance

NET opened at $72.45 on Monday. Cloudflare has a 1 year low of $45.47 and a 1 year high of $116.00. The stock has a 50-day moving average price of $92.19 and a 200-day moving average price of $83.85. The firm has a market cap of $24.46 billion, a PE ratio of -136.70 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

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

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the transaction, the chief financial officer now directly owns 366,465 shares in the company, valued at approximately $40,351,461.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 50,000 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the completion of the transaction, the chief financial officer now owns 366,465 shares of the company’s stock, valued at approximately $40,351,461.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the completion of the sale, 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. In the last 90 days, insiders have sold 1,141,153 shares of company stock valued at $108,765,387. 12.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Deutsche Bank AG raised its position in Cloudflare by 5.1% during the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in Cloudflare in the third quarter worth $569,000. International Assets Investment Management LLC purchased a new position in Cloudflare during the fourth quarter worth $11,639,000. Blueshift Asset Management LLC increased its position in Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after acquiring an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier raised its stake in shares of Cloudflare by 4.5% in the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock valued at $33,937,000 after acquiring an additional 17,600 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

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, script management, security center, and rate limiting products.