Cloudflare (NYSE:NET) Price Target Raised to $170.00 at Royal Bank of Canada

Cloudflare (NYSE:NET) had its price objective increased by Royal Bank of Canada from $123.00 to $170.00 in a report published on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also commented on the company. Stifel Nicolaus upped their price target on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research report on Friday. UBS Group upped their target price on Cloudflare from $130.00 to $165.00 and gave the company a “neutral” rating in a report on Friday. Wells Fargo & Company lifted their price target on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Truist Financial boosted their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Finally, Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $128.48.

Cloudflare Stock Performance

NYSE:NET opened at $166.88 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $171.38. The firm has a market cap of $57.27 billion, a PE ratio of -758.52 and a beta of 1.12. The business has a 50 day moving average price of $118.89 and a 200-day moving average price of $97.11.

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

Insider Activity

In related news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares in the company, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 28,635 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $24,030,141.07. The trade was a 10.17 % 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 worth $69,632,506 over the last 90 days. 12.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cloudflare

Hedge funds have recently modified their holdings of the business. CVA Family Office LLC lifted its position in Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after purchasing an additional 171 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Cloudflare in the third quarter worth about $38,000. Quarry LP lifted its position in shares of Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after buying an additional 133 shares in the last quarter. Quest Partners LLC bought a new position in shares of Cloudflare during the 3rd quarter valued at approximately $54,000. Finally, Larson Financial Group LLC increased its holdings in Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after acquiring an additional 517 shares in the last quarter. Institutional investors 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.