The Goldman Sachs Group Cuts Cloudflare (NYSE:NET) Price Target to $161.00

Cloudflare (NYSE:NET) had its price target decreased by The Goldman Sachs Group from $183.00 to $161.00 in a research report report published on Friday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other research firms also recently weighed in on NET. Piper Sandler dropped their price target on Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a research note on Thursday. DZ Bank lowered shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price for the company. in a research report on Tuesday, February 11th. Morgan Stanley lifted their price target on shares of Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Wells Fargo & Company boosted their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. Finally, Needham & Company LLC cut their price objective on Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and an average price target of $130.04.

Cloudflare Stock Performance

Shares of NYSE NET opened at $115.83 on Friday. The stock has a market cap of $39.97 billion, a PE ratio of -526.50 and a beta of 1.27. Cloudflare has a 1 year low of $66.24 and a 1 year high of $177.37. The firm has a fifty day moving average price of $136.48 and a 200-day moving average price of $108.95. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Equities analysts anticipate that Cloudflare will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $145.04, for a total value of $7,597,775.36. Following the transaction, the chief executive officer now owns 413,413 shares of the company’s stock, valued at $59,961,421.52. This represents a 11.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 571,766 shares of company stock worth $73,804,307. 12.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NET. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in shares of Cloudflare in the 3rd quarter worth approximately $25,588,000. Hartline Investment Corp lifted its holdings in Cloudflare by 1.5% during the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock worth $28,464,000 after buying an additional 3,957 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after acquiring an additional 29,960 shares in the last quarter. Birchcreek Wealth Management LLC purchased a new position in shares of Cloudflare in the 4th quarter valued at $215,000. Finally, Strategic Blueprint LLC bought a new position in shares of Cloudflare in the 4th quarter worth $265,000. 82.68% of the stock is currently owned by 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.