Mizuho Increases Cloudflare (NYSE:NET) Price Target to $160.00

Cloudflare (NYSE:NET) had its price target increased by analysts at Mizuho from $130.00 to $160.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Mizuho’s target price indicates a potential downside of 7.21% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Robert W. Baird reiterated a “neutral” rating and issued a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Wells Fargo & Company boosted their price target on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Piper Sandler raised their price objective on Cloudflare from $92.00 to $153.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. The Goldman Sachs Group upped their target price on Cloudflare from $140.00 to $183.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group raised their price target on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $135.28.

Cloudflare Trading Down 0.0 %

Shares of NYSE:NET opened at $172.44 on Monday. The stock has a market cap of $59.18 billion, a PE ratio of -783.81 and a beta of 1.12. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 12-month low of $66.24 and a 12-month high of $176.73. The business has a 50 day moving average of $121.59 and a 200-day moving average of $98.44.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates 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, equities research analysts forecast that Cloudflare will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the completion of the transaction, the chief executive officer now directly owns 192,177 shares in the company, valued at $17,115,283.62. This trade represents a 21.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 581,354 shares of company stock worth $64,625,120 in the last ninety days. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after buying an additional 121,810 shares during the period. American Century Companies Inc. grew its holdings in Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the period. Bank of New York Mellon Corp raised its position in shares of Cloudflare by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after acquiring an additional 23,641 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Cloudflare by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock valued at $131,559,000 after purchasing an additional 63,945 shares during the period. Finally, Swiss National Bank boosted its position in shares of Cloudflare by 1.1% during the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after purchasing an additional 10,100 shares in the last quarter. Institutional investors 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.