Cloudflare, Inc. (NYSE:NET) Receives Average Recommendation of “Hold” from Brokerages

Shares of Cloudflare, Inc. (NYSE:NET) have earned a consensus recommendation of “Hold” from the twenty-five ratings firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $92.29.

A number of equities research analysts have weighed in on the stock. Mizuho lifted their price target on shares of Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. The Goldman Sachs Group dropped their price objective on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a report on Tuesday, June 4th. Wolfe Research assumed coverage on shares of Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Robert W. Baird lifted their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a report on Friday, August 2nd.

Cloudflare Price Performance

Shares of NET opened at $79.14 on Wednesday. Cloudflare has a 1-year low of $53.88 and a 1-year high of $116.00. The stock has a market cap of $26.89 billion, a PE ratio of -149.32 and a beta of 1.10. The firm has a 50-day simple moving average of $79.52 and a two-hundred day simple moving average of $82.67. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $394.11 million. During the same period last year, the business earned ($0.12) earnings per share. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. As a group, analysts forecast that Cloudflare will post -0.12 EPS for the current year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.65, for a total transaction of $247,950.00. Following the completion of the sale, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.65, for a total transaction of $247,950.00. Following the completion of the sale, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Janel Riley sold 3,495 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at approximately $6,546,941.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 584,882 shares of company stock worth $47,094,359. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors have recently modified their holdings of the business. Elo Mutual Pension Insurance Co grew its stake in shares of Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock worth $2,253,000 after purchasing an additional 136 shares during the period. Quarry LP grew its stake in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares during the period. Forum Financial Management LP grew its stake in shares of Cloudflare by 6.1% during the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after purchasing an additional 162 shares during the period. Soltis Investment Advisors LLC grew its stake in shares of Cloudflare by 0.5% during the 1st quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after purchasing an additional 168 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Cloudflare by 34.4% during the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after purchasing an additional 171 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

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.