Cloudflare (NYSE:NET) Upgraded by Morgan Stanley to “Overweight” Rating

Morgan Stanley upgraded shares of Cloudflare (NYSE:NET) from an equal weight rating to an overweight rating in a report published on Monday morning, MarketBeat reports. Morgan Stanley currently has $130.00 target price on the stock, up from their prior target price of $92.00.

Several other equities research analysts have also recently commented on the company. Mizuho raised their target price on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. BNP Paribas assumed coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Scotiabank lifted their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. Piper Sandler upped their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, UBS Group boosted their target price on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $94.40.

Cloudflare Price Performance

NET stock opened at $105.06 on Monday. 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 52-week low of $66.24 and a 52-week high of $116.00. The company has a market capitalization of $36.06 billion, a P/E ratio of -404.08 and a beta of 1.10. The company has a fifty day moving average price of $90.64 and a 200-day moving average price of $82.73.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. As a group, equities analysts expect that Cloudflare will post -0.11 EPS for the current year.

Insider Activity

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $100.44, for a total value of $2,575,281.60. Following the completion of the sale, the chief operating officer now owns 172,959 shares in the company, valued at approximately $17,372,001.96. The trade was a 12.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total transaction of $4,089,095.04. Following the sale, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $840,003.66. This represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 603,952 shares of company stock valued at $52,833,612 in the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CVA Family Office LLC boosted its stake in Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare during the 2nd quarter valued at approximately $29,000. Quarry LP raised its stake in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after acquiring an additional 421 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare in the third quarter worth $38,000. 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.