Brokerages Set Cloudflare, Inc. (NYSE:NET) PT at $145.92

Cloudflare, Inc. (NYSE:NET) has earned an average rating of “Hold” from the twenty-eight research firms that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation, fourteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $145.92.

Several research firms recently weighed in on NET. CICC Research raised Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective for the company in a research note on Monday, May 12th. Piper Sandler reaffirmed a “neutral” rating and issued a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Royal Bank of Canada dropped their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Needham & Company LLC raised their price objective on Cloudflare from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, The Goldman Sachs Group dropped their price target on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research report on Friday, March 14th.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total value of $5,284,497.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $130.85, for a total value of $3,354,994.00. Following the completion of the transaction, the insider now owns 413,413 shares in the company, valued at $54,095,091.05. The trade was a 5.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 609,601 shares of company stock worth $87,251,258. 10.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NET. Mather Group LLC. lifted its stake in shares of Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after purchasing an additional 202 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Cloudflare during the first quarter worth about $27,000. GPS Wealth Strategies Group LLC increased its position in shares of Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock worth $29,000 after acquiring an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after acquiring an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Cloudflare during the fourth quarter worth about $43,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Up 0.5%

NET stock opened at $171.69 on Friday. The company has a market cap of $59.51 billion, a P/E ratio of -780.40 and a beta of 1.84. Cloudflare has a 52 week low of $69.26 and a 52 week high of $181.81. The company’s 50-day moving average price is $139.61 and its 200 day moving average price is $130.28. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company had revenue of $479.09 million for the quarter, compared to analysts’ expectations of $469.49 million. During the same period in the prior year, the firm posted $0.16 EPS. The firm’s quarterly revenue was up 26.5% on a year-over-year basis. On average, research analysts expect that Cloudflare will post -0.11 earnings per share for the current fiscal year.

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.