Royal Bank of Canada Increases Cloudflare (NYSE:NET) Price Target to $123.00

Cloudflare (NYSE:NET) had its price objective raised by analysts at Royal Bank of Canada from $99.00 to $123.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 7.21% from the company’s current price.

NET has been the subject of several other reports. Piper Sandler lifted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group boosted their price target on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Wells Fargo & Company boosted their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and raised their target price for the stock from $95.00 to $136.00 in a research report on Tuesday, December 17th. Finally, The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and boosted their price objective for the company from $77.00 to $140.00 in a research report on Thursday. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $101.37.

Cloudflare Price Performance

Shares of NYSE NET opened at $114.73 on Friday. 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 50 day simple moving average of $102.82 and a two-hundred day simple moving average of $89.09. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $119.42. The company has a market capitalization of $39.37 billion, a price-to-earnings ratio of -441.27 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Analysts expect that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. This represents a 1.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $111.90, for a total transaction of $5,861,769.60. Following the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,204,267.80. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 614,592 shares of company stock worth $60,146,600 in the last quarter. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently made changes to their positions in NET. Everence Capital Management Inc. purchased a new stake in Cloudflare in the fourth quarter worth about $803,000. GAMMA Investing LLC lifted its position in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after purchasing an additional 217 shares during the period. Versant Capital Management Inc boosted its stake in shares of Cloudflare by 44.9% during 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 in the last quarter. Tidal Investments LLC increased its holdings in Cloudflare by 18.0% during the third quarter. Tidal Investments LLC now owns 23,238 shares of the company’s stock valued at $1,880,000 after buying an additional 3,550 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in Cloudflare in the third quarter worth approximately $204,000. Institutional investors 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.