Cloudflare (NYSE:NET) Given New $110.00 Price Target at TD Cowen

Cloudflare (NYSE:NET) had its target price trimmed by TD Cowen from $117.00 to $110.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on NET. Bank of America lifted their price objective on Cloudflare from $52.00 to $60.00 and gave the company an underperform rating in a report on Friday. Capital One Financial began coverage on Cloudflare in a research report on Wednesday, January 17th. They set an equal weight rating and a $83.00 price target on the stock. Needham & Company LLC raised their target price on Cloudflare from $110.00 to $135.00 and gave the company a buy rating in a research note on Friday, February 9th. KeyCorp upped their price objective on Cloudflare from $94.00 to $132.00 and gave the stock an overweight rating in a report on Friday, February 9th. Finally, Truist Financial boosted their target price on Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $90.17.

Cloudflare Stock Down 16.4 %

Shares of Cloudflare stock traded down $14.57 on Friday, hitting $74.40. 18,650,549 shares of the company traded hands, compared to its average volume of 2,884,762. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The company has a market cap of $25.12 billion, a PE ratio of -140.60 and a beta of 1.15. The company has a 50-day moving average price of $93.67 and a 200 day moving average price of $83.47.

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

Insider Transactions 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 shares were 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Thomas J. Seifert sold 50,000 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the sale, the chief financial officer now directly 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 SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total transaction of $264,360.00. Following the sale, the insider now directly owns 205,238 shares in the company, valued at approximately $18,085,572.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently made changes to their positions in NET. Geneos Wealth Management Inc. increased its position in Cloudflare by 13.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 13,457 shares of the company’s stock valued at $1,303,000 after buying an additional 1,583 shares in the last quarter. Csenge Advisory Group bought a new stake in shares of Cloudflare during the first quarter valued at approximately $689,000. Signaturefd LLC raised its position in shares of Cloudflare by 6.4% during the first quarter. Signaturefd LLC now owns 9,852 shares of the company’s stock worth $954,000 after purchasing an additional 591 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its position in Cloudflare by 70.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 10,241 shares of the company’s stock valued at $992,000 after purchasing an additional 4,235 shares during the period. Finally, Whittier Trust Co. increased its stake in Cloudflare by 27,057.1% during the 1st quarter. Whittier Trust Co. now owns 1,901 shares of the company’s stock valued at $184,000 after purchasing an additional 1,894 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.