Cloudflare (NYSE:NET) Now Covered by BNP Paribas

Analysts at BNP Paribas initiated coverage on shares of Cloudflare (NYSE:NET) in a note issued to investors on Tuesday, Marketbeat.com reports. The brokerage set an “underperform” rating and a $65.00 price target on the stock. BNP Paribas’ price target points to a potential downside of 23.48% from the company’s previous close.

Several other brokerages also recently weighed in on NET. Susquehanna raised their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Cantor Fitzgerald raised their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Robert W. Baird upped their target price on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Mizuho raised their price target on shares of Cloudflare from $88.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 16th. Finally, Needham & Company LLC restated a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a research note on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $91.20.

Cloudflare Trading Up 3.9 %

Shares of NET opened at $84.95 on Tuesday. Cloudflare has a 12 month low of $53.88 and a 12 month high of $116.00. The stock’s 50-day moving average is $80.24 and its two-hundred day moving average is $81.12. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The stock has a market cap of $28.87 billion, a PE ratio of -160.28 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. Cloudflare’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.12) EPS. Equities analysts forecast that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the transaction, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at approximately $24,450,929.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total value of $2,117,864.00. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $15,873,820.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the completion of the transaction, the chief financial officer now owns 309,937 shares in the company, valued at approximately $24,450,929.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 417,784 shares of company stock worth $33,130,625. 12.83% of the stock is owned by company insiders.

Institutional Trading of Cloudflare

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Riverview Trust Co purchased a new position in shares of Cloudflare in the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC grew its position in Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Cloudflare in the second quarter valued at $29,000. Quarry LP boosted its position in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares during the period. Finally, Versant Capital Management Inc grew its holdings in shares of Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after buying an additional 421 shares in the last quarter. 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.