Cloudflare (NYSE:NET) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Cloudflare (NYSE:NET) had its price objective hoisted by equities research analysts at Wells Fargo & Company from $110.00 to $135.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 16.56% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Mizuho raised their target price on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Scotiabank upped their target price on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Royal Bank of Canada lifted their price target on shares of Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. BNP Paribas started coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective on the stock. Finally, The Goldman Sachs Group raised Cloudflare from a “sell” rating to a “buy” rating and upped their target price for the company from $77.00 to $140.00 in a research report on Thursday, January 2nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.30.

Cloudflare Price Performance

Shares of NET opened at $115.82 on Tuesday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $119.42. The company has a market cap of $39.75 billion, a P/E ratio of -445.46 and a beta of 1.10. The firm’s 50 day moving average price is $103.82 and its 200 day moving average price is $89.73.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, research analysts forecast that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $25,573,904.64. The trade was a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $90.92, for a total transaction of $4,762,753.28. Following the completion of the sale, the chief executive officer now owns 10,761 shares in the company, valued at approximately $978,390.12. This trade represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 644,620 shares of company stock worth $66,433,687 over the last quarter. 12.83% of the stock is owned by company insiders.

Institutional Trading of Cloudflare

Several institutional investors and hedge funds have recently added to or reduced their stakes in NET. CVA Family Office LLC boosted its position in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after purchasing an additional 171 shares during the period. Quarry LP increased its position in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare in the 3rd quarter valued at approximately $38,000. Quest Partners LLC acquired a new position in Cloudflare in the 3rd quarter worth approximately $54,000. Finally, Versant Capital Management Inc grew its position in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares in the last quarter. 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.