Cloudflare (NYSE:NET) Sets New 12-Month High Following Analyst Upgrade

Cloudflare, Inc. (NYSE:NET) shares hit a new 52-week high during trading on Tuesday after Mizuho raised their price target on the stock from $130.00 to $160.00. Mizuho currently has a neutral rating on the stock. Cloudflare traded as high as $176.73 and last traded at $172.40, with a volume of 6845107 shares trading hands. The stock had previously closed at $166.66.

NET has been the subject of several other reports. Robert W. Baird restated a “neutral” rating and set a $140.00 price objective (up from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. The Goldman Sachs Group boosted their price objective on shares of Cloudflare from $140.00 to $183.00 and gave the company a “buy” rating in a research report on Friday, February 7th. UBS Group upped their price target on shares of Cloudflare from $130.00 to $165.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Morgan Stanley upped their price target on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald upped their price target on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $135.28.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $136.63, for a total transaction of $2,049,450.00. Following the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $34,549,491.47. This trade represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 581,354 shares of company stock valued at $64,625,120. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently made changes to their positions in NET. Groupama Asset Managment acquired a new stake in shares of Cloudflare in the 4th quarter worth about $269,200,000. Norges Bank acquired a new stake in shares of Cloudflare in the 4th quarter worth about $249,544,000. American Century Companies Inc. raised its holdings in shares of Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Cloudflare by 454.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company’s stock worth $94,660,000 after acquiring an additional 720,568 shares during the last quarter. Finally, WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare in the 3rd quarter worth about $25,588,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Up 0.1 %

The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a market cap of $59.30 billion, a price-to-earnings ratio of -785.36 and a beta of 1.12. The stock’s fifty day moving average is $122.83 and its two-hundred day moving average is $98.96.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 predict that Cloudflare, Inc. will post -0.04 earnings per share for the current fiscal 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.