Cloudflare (NYSE:NET) Stock Rating Reaffirmed by Cantor Fitzgerald

Cloudflare (NYSE:NET)‘s stock had its “neutral” rating reiterated by analysts at Cantor Fitzgerald in a research report issued on Friday, Benzinga reports. They currently have a $80.00 price objective on the stock. Cantor Fitzgerald’s target price points to a potential upside of 2.64% from the stock’s previous close.

NET has been the topic of several other reports. Susquehanna reduced their price objective on Cloudflare from $115.00 to $80.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Bank of America increased their price objective on shares of Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research report on Friday, May 3rd. The Goldman Sachs Group decreased their price target on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. Mizuho reduced their price objective on Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Finally, Royal Bank of Canada dropped their target price on Cloudflare from $108.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $90.70.

Cloudflare Stock Performance

Shares of NET opened at $77.94 on Friday. The company has a market capitalization of $26.48 billion, a price-to-earnings ratio of -147.06 and a beta of 1.08. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a 1 year low of $53.88 and a 1 year high of $116.00. The company’s 50 day simple moving average is $77.63 and its 200 day simple moving average is $85.30.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, sell-side analysts predict that Cloudflare will post -0.19 EPS for the current year.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $96.04, for a total transaction of $5,030,959.36. Following the completion of the transaction, the chief executive officer now owns 230,612 shares in the company, valued at $22,147,976.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $96.04, for a total transaction of $5,030,959.36. Following the completion of the transaction, the chief executive officer now owns 230,612 shares in the company, valued at approximately $22,147,976.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Ledbetter sold 9,993 shares of Cloudflare stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $100.16, for a total transaction of $1,000,898.88. Following the sale, the director now owns 1,275,004 shares in the company, valued at $127,704,400.64. The disclosure for this sale can be found here. Insiders sold a total of 662,119 shares of company stock worth $54,101,374 in the last three months. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale raised its stake in shares of Cloudflare by 20.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 54,576 shares of the company’s stock worth $5,296,000 after buying an additional 9,159 shares in the last quarter. Soltis Investment Advisors LLC boosted its position in shares of Cloudflare by 0.5% during the 1st quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock valued at $3,041,000 after purchasing an additional 168 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Cloudflare by 8.1% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 169,481 shares of the company’s stock worth $16,411,000 after purchasing an additional 12,700 shares in the last quarter. Cetera Advisors LLC lifted its stake in Cloudflare by 298.4% during the first quarter. Cetera Advisors LLC now owns 39,200 shares of the company’s stock valued at $3,796,000 after purchasing an additional 29,360 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in Cloudflare by 93.8% in the first quarter. Cetera Investment Advisers now owns 86,487 shares of the company’s stock worth $8,374,000 after buying an additional 41,871 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.