Cloudflare (NYSE:NET) Price Target Cut to $94.00 by Analysts at Robert W. Baird

Cloudflare (NYSE:NET) had its price objective lowered by Robert W. Baird from $100.00 to $94.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages also recently issued reports on NET. Wells Fargo & Company boosted their price objective on shares of Cloudflare from $95.00 to $125.00 and gave the company an overweight rating in a research report on Friday, February 9th. Mizuho decreased their price objective on Cloudflare from $95.00 to $88.00 and set a neutral rating for the company in a report on Friday. Morgan Stanley boosted their target price on shares of Cloudflare from $66.00 to $92.00 and gave the company an equal weight rating in a report on Monday, February 12th. Sanford C. Bernstein started coverage on shares of Cloudflare in a research note on Thursday, January 18th. They issued a market perform rating and a $85.00 price target for the company. Finally, Royal Bank of Canada boosted their price objective on shares of Cloudflare from $95.00 to $108.00 and gave the stock an outperform rating in a research note 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 issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $90.17.

Cloudflare Trading Down 16.4 %

Shares of NET stock traded down $14.57 during mid-day trading on Friday, reaching $74.40. The stock had a trading volume of 18,650,549 shares, compared to its average volume of 2,884,762. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. The stock’s 50-day moving average price is $93.67 and its two-hundred day moving average price is $83.47. The firm has a market capitalization of $25.12 billion, a PE ratio of -140.60 and a beta of 1.15. Cloudflare has a 52-week low of $39.90 and a 52-week high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business 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 analysts expect that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the sale, the director now directly owns 1,446,957 shares in the company, valued at $117,811,238.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 50,000 shares of the business’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 transaction of $5,505,500.00. Following the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The disclosure for this sale can be found here. Insiders have sold a total of 1,029,347 shares of company stock valued at $100,594,226 over the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Cloudflare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Riverview Trust Co bought a new position in shares of Cloudflare in the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC lifted its position in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in Cloudflare during the fourth quarter valued at $38,000. GAMMA Investing LLC bought a new position in Cloudflare during the fourth quarter valued at $39,000. Finally, Pingora Partners LLC bought a new position in Cloudflare during the fourth quarter valued at $42,000. 82.68% of the stock is 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.