Cloudflare (NYSE:NET) Trading 6.8% Higher After Analyst Upgrade

Cloudflare, Inc. (NYSE:NET) shot up 6.8% on Tuesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $134.42 and last traded at $135.09. 1,596,347 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 2,648,176 shares. The stock had previously closed at $126.47.

Several other equities analysts have also recently weighed in on NET. UBS Group lifted their price objective on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and boosted their price target for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. The Goldman Sachs Group raised Cloudflare from a “sell” rating to a “buy” rating and boosted their price target for the stock from $77.00 to $140.00 in a report on Thursday, January 2nd. Cantor Fitzgerald began coverage on Cloudflare in a report on Friday, January 17th. They set a “neutral” rating and a $111.00 price target for the company. Finally, Jefferies Financial Group boosted their price target on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $109.72.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their position. 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 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $86.79, for a total value of $1,301,850.00. Following the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at approximately $24,422,966.37. This trade represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 641,132 shares of company stock worth $69,429,058 in the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NET. Stratos Wealth Partners LTD. raised its stake in shares of Cloudflare by 1.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after purchasing an additional 77 shares during the last quarter. Atomi Financial Group Inc. grew its holdings in Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after purchasing an additional 94 shares during the period. Chicago Partners Investment Group LLC grew its holdings in Cloudflare by 4.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock valued at $293,000 after purchasing an additional 105 shares during the period. Wealth Management Partners LLC grew its holdings in Cloudflare by 3.3% during the fourth quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock valued at $382,000 after purchasing an additional 114 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after acquiring an additional 119 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Stock Up 7.5 %

The stock has a fifty day moving average price of $111.39 and a 200 day moving average price of $93.18. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a market capitalization of $46.68 billion, a P/E ratio of -521.27 and a beta of 1.10.

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

About Cloudflare

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.