Cloudflare (NYSE:NET) Now Covered by Oppenheimer

Oppenheimer began coverage on shares of Cloudflare (NYSE:NET) in a research report released on Thursday morning. The brokerage issued an outperform rating and a $150.00 price objective on the stock.

Several other analysts have also weighed in on NET. Needham & Company LLC decreased their price target on Cloudflare from $185.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Wells Fargo & Company increased their price target on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Morgan Stanley assumed coverage on Cloudflare in a report on Tuesday, March 18th. They set an “overweight” rating on the stock. Truist Financial increased their price target on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Finally, UBS Group cut their price objective on Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $131.64.

Cloudflare Stock Up 0.9 %

Shares of NET opened at $118.95 on Thursday. The stock has a market capitalization of $41.05 billion, a price-to-earnings ratio of -540.70 and a beta of 1.27. Cloudflare has a 1 year low of $66.24 and a 1 year high of $177.37. The business’s 50 day simple moving average is $136.73 and its 200-day simple moving average is $110.01. 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 data on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities analysts expect that Cloudflare will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the sale, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $113.81, for a total value of $1,707,150.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $28,779,020.89. The trade was a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 566,766 shares of company stock worth $73,779,200. 12.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Thoma Capital Management LLC purchased a new position in shares of Cloudflare in the fourth quarter worth about $720,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Cloudflare by 22.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,652 shares of the company’s stock worth $3,301,000 after purchasing an additional 5,638 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Cloudflare in the fourth quarter worth about $10,499,000. Centaurus Financial Inc. acquired a new stake in Cloudflare during the fourth quarter worth about $129,000. Finally, Wealthedge Investment Advisors LLC acquired a new stake in Cloudflare during the fourth quarter worth about $794,000. 82.68% of the stock is currently 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.