Cloudflare (NYSE:NET) Given New $68.00 Price Target at Guggenheim

Cloudflare (NYSE:NET) had its price objective raised by Guggenheim from $57.00 to $68.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a sell rating on the stock.

NET has been the subject of several other reports. Needham & Company LLC lifted their price objective on shares of Cloudflare from $110.00 to $160.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Jefferies Financial Group lifted their price target on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Cantor Fitzgerald started coverage on shares of Cloudflare in a research report on Friday, January 17th. They issued a “neutral” rating and a $111.00 price objective on the stock. Royal Bank of Canada boosted their target price on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Morgan Stanley increased their price target on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $128.48.

Cloudflare Stock Up 17.9 %

NET stock opened at $166.88 on Friday. The firm has a fifty day moving average price of $117.55 and a 200 day moving average price of $96.24. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $171.38.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Sell-side analysts forecast that Cloudflare will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 28,635 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total value of $2,721,184.05. Following the completion of the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the transaction, the chief executive officer now owns 192,177 shares in the company, valued at approximately $17,115,283.62. This trade represents a 21.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 633,738 shares of company stock valued at $69,632,506 in the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after purchasing an additional 23,641 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cloudflare by 5.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock worth $131,559,000 after purchasing an additional 63,945 shares during the period. Swiss National Bank boosted its position in Cloudflare by 1.1% in the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after buying an additional 10,100 shares during the last quarter. Finally, Peregrine Capital Management LLC increased its holdings in Cloudflare by 0.4% in the 4th quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock worth $71,250,000 after buying an additional 2,483 shares during the period. 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.