Cloudflare, Inc. (NYSE:NET) Receives $102.30 Consensus PT from Analysts

Shares of Cloudflare, Inc. (NYSE:NET) have received an average rating of “Hold” from the twenty-six analysts that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $107.00.

Several equities research analysts have weighed in on NET shares. Piper Sandler upped their price target on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company upped their price target on Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Scotiabank increased their price objective on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. UBS Group increased 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. Finally, Cantor Fitzgerald initiated coverage on Cloudflare in a report on Friday. They issued a “neutral” rating and a $111.00 price objective on the stock.

Cloudflare Price Performance

NET opened at $117.13 on Tuesday. The stock’s 50-day moving average price is $107.72 and its 200 day moving average price is $91.49. Cloudflare has a 12-month low of $66.24 and a 12-month high of $121.02. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $40.20 billion, a price-to-earnings ratio of -450.49 and a beta of 1.10.

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). 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 for the quarter, compared to the consensus estimate of $423.65 million. As a group, sell-side analysts expect that Cloudflare will post -0.1 earnings per share for the current year.

Insider Activity

In related news, insider Douglas James Kramer sold 3,000 shares of the firm’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 value of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This trade represents a 1.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $86.79, for a total value of $1,301,850.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at $24,422,966.37. The trade was a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 524,852 shares of company stock valued at $55,386,256 in the last three months. 12.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Several hedge funds have recently bought and sold shares of NET. CVA Family Office LLC increased its stake in 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 in the last quarter. Quarry LP increased its position in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Cloudflare during the third quarter worth $38,000. Quest Partners LLC purchased a new stake in shares of Cloudflare in the third quarter valued at $54,000. Finally, Versant Capital Management Inc grew its position in shares of Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.