Cloudflare (NYSE:NET) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cloudflare (NYSE:NET) in a research report report published on Friday morning, Benzinga reports. They currently have a $135.00 price target on the stock.

NET has been the subject of several other reports. Piper Sandler reiterated a neutral rating and issued a $81.00 target price (down from $110.00) on shares of Cloudflare in a research report on Friday. DZ Bank cut Cloudflare from a buy rating to a hold rating and set a $110.00 price objective on the stock. in a report on Tuesday, February 13th. JMP Securities upped their target price on Cloudflare from $75.00 to $90.00 and gave the stock a market outperform rating in a research note on Wednesday, January 31st. KeyCorp increased their price target on shares of Cloudflare from $94.00 to $132.00 and gave the company an overweight rating in a research report on Friday, February 9th. Finally, Oppenheimer lowered their price objective on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating for the company in a report on Friday. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $90.17.

Cloudflare Stock Performance

Shares of NET stock traded down $14.57 during trading on Friday, reaching $74.40. 18,650,549 shares of the company’s stock traded hands, compared to its average volume of 2,884,762. The firm’s 50-day moving average is $93.67 and its 200 day moving average is $83.47. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare has a 1 year low of $39.90 and a 1 year high of $116.00. The company has a market capitalization of $25.12 billion, a P/E ratio of -140.60 and a beta of 1.15.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. Equities research analysts expect that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total value of $4,955,002.56. Following the completion of the transaction, the chief executive officer now directly owns 12,183 shares of the company’s stock, valued at $1,152,389.97. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the completion of the transaction, the chief executive officer now directly owns 12,183 shares in the company, valued at $1,152,389.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carl Ledbetter sold 8,022 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total value of $701,844.78. Following the completion of the sale, the director now owns 1,196,793 shares in the company, valued at approximately $104,707,419.57. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Several institutional investors have recently added to or reduced their stakes in NET. Commonwealth Equity Services LLC grew its stake in shares of Cloudflare by 9.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock valued at $3,588,000 after acquiring an additional 4,685 shares during the period. Xponance Inc. raised its position in shares of Cloudflare by 0.6% during the 3rd quarter. Xponance Inc. now owns 40,684 shares of the company’s stock valued at $2,565,000 after purchasing an additional 224 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Cloudflare by 27.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after buying an additional 3,337 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in shares of Cloudflare in the third quarter valued at about $372,000. Finally, J.W. Cole Advisors Inc. bought a new position in Cloudflare in the 3rd quarter worth approximately $255,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

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.