Cloudflare (NYSE:NET) Price Target Raised to $153.00 at Piper Sandler

Cloudflare (NYSE:NET) had its price target upped by Piper Sandler from $92.00 to $153.00 in a research note published on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also issued reports on NET. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $95.00 to $145.00 in a research report on Friday, January 17th. Jefferies Financial Group upped their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Morgan Stanley lifted their target price on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Robert W. Baird restated a “neutral” rating and issued a $140.00 price target (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Finally, Cantor Fitzgerald began coverage on shares of Cloudflare in a research report on Friday, January 17th. They set a “neutral” rating and a $111.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus target price of $128.48.

Cloudflare Price Performance

NYSE:NET opened at $166.88 on Friday. Cloudflare has a 52-week low of $66.24 and a 52-week high of $171.38. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $57.27 billion, a P/E ratio of -758.52 and a beta of 1.12. The business’s 50-day moving average price is $118.89 and its 200 day moving average price is $97.11.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, sell-side analysts predict that Cloudflare will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $136.63, for a total value of $2,049,450.00. Following the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $34,549,491.47. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.06, for a total value of $4,665,319.04. Following the sale, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $17,115,283.62. The trade was a 21.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 633,738 shares of company stock worth $69,632,506 over the last three months. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. CVA Family Office LLC grew its position in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after purchasing an additional 171 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in Cloudflare during the 3rd quarter valued at approximately $38,000. Quarry LP grew its holdings in Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after buying an additional 133 shares during the last quarter. Quest Partners LLC bought a new position in Cloudflare during the third quarter worth $54,000. Finally, Larson Financial Group LLC boosted its holdings in Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after purchasing an additional 517 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.