Cloudflare (NYSE:NET – Free Report) had its price objective lifted by Truist Financial from $120.00 to $140.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.
Other analysts have also issued reports about the stock. Jefferies Financial Group lifted their target price on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Mizuho upped their price objective on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Wells Fargo & Company raised their target price on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday. UBS Group upped their price target on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Morgan Stanley lifted their price objective on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Cloudflare has a consensus rating of “Hold” and a consensus target price of $109.72.
Check Out Our Latest Research Report on Cloudflare
Cloudflare Trading Up 10.3 %
Cloudflare (NYSE:NET – Get Free Report) last released 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). The business had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, research analysts predict that Cloudflare will post -0.1 earnings per share for the current year.
Insiders Place Their Bets
In related news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Friday, January 24th. The stock was sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the completion of the sale, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at $21,403,676.25. The trade was a 12.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 31,136 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $120.10, for a total value of $3,739,433.60. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $30,369,566.90. The trade was a 10.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 641,132 shares of company stock valued at $69,429,058. Company insiders own 12.83% of the company’s stock.
Institutional Investors Weigh In On Cloudflare
Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of Cloudflare by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 326,853 shares of the company’s stock valued at $27,070,000 after buying an additional 1,460 shares during the period. AXA S.A. bought a new position in Cloudflare during the second quarter worth about $625,000. Driehaus Capital Management LLC acquired a new position in Cloudflare in the second quarter valued at about $522,000. Creative Planning increased its holdings in shares of Cloudflare by 9.2% in the second quarter. Creative Planning now owns 26,763 shares of the company’s stock worth $2,217,000 after acquiring an additional 2,255 shares in the last quarter. Finally, Quarry LP raised its position in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares during the period. Institutional investors own 82.68% of the company’s stock.
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.
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