Analysts Set Cloudflare, Inc. (NYSE:NET) Price Target at $92.29

Shares of Cloudflare, Inc. (NYSE:NET) have received an average rating of “Hold” from the twenty-five ratings firms that are currently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $92.29.

A number of equities research analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a research note on Friday, August 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $92.00 price target on shares of Cloudflare in a research note on Monday, June 17th. Robert W. Baird increased their price target on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Piper Sandler increased their price target on Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, UBS Group upgraded Cloudflare from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $82.00 in a research note on Tuesday, June 25th.

Insider Activity at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $77.54, for a total value of $994,062.80. Following the completion of the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $16,391,490.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $77.54, for a total value of $994,062.80. Following the completion of the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $16,391,490.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $76.55, for a total transaction of $4,009,995.20. Following the completion of the sale, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $823,754.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 597,702 shares of company stock valued at $48,088,422. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently modified their holdings of the stock. Riverview Trust Co bought a new stake in shares of Cloudflare during the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC raised its stake in shares of Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares in the last quarter. Quarry LP raised its stake in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Cloudflare during the second quarter valued at approximately $29,000. Finally, Versant Capital Management Inc raised its stake in shares of Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after acquiring an additional 421 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $78.61 on Wednesday. Cloudflare has a one year low of $53.88 and a one year high of $116.00. The stock’s fifty day moving average is $79.86 and its 200 day moving average is $83.30. The stock has a market cap of $26.71 billion, a P/E ratio of -148.32 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. During the same quarter in the prior year, the business posted ($0.12) EPS. Cloudflare’s revenue for the quarter was up 30.0% compared to the same quarter last year. Sell-side analysts anticipate that Cloudflare will post -0.12 earnings per share for the current year.

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.