Cloudflare (NYSE:NET) Price Target Lowered to $110.00 at Oppenheimer

Cloudflare (NYSE:NET) had its price objective trimmed by Oppenheimer from $122.00 to $110.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

NET has been the subject of a number of other reports. Wells Fargo & Company raised their price objective on shares of Cloudflare from $95.00 to $125.00 and gave the stock an overweight rating in a report on Friday, February 9th. JMP Securities raised their price target on shares of Cloudflare from $75.00 to $90.00 and gave the stock a market outperform rating in a research note on Wednesday, January 31st. Royal Bank of Canada upped their price objective on Cloudflare from $95.00 to $108.00 and gave the company an outperform rating in a research note on Friday, February 9th. Susquehanna raised their target price on Cloudflare from $75.00 to $115.00 and gave the stock a neutral rating in a research report on Friday, February 9th. Finally, Cantor Fitzgerald reiterated a neutral rating and issued a $100.00 price target on shares of Cloudflare in a research report on Wednesday, April 17th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $90.17.

Cloudflare Stock Performance

NET traded down $14.57 on Friday, hitting $74.40. 18,650,549 shares of the stock traded hands, compared to its average volume of 2,884,762. The business has a fifty day moving average price of $93.67 and a two-hundred day moving average price of $83.47. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare has a 52 week low of $39.90 and a 52 week high of $116.00. The firm has a market capitalization of $25.12 billion, a PE ratio of -140.60 and a beta of 1.15.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. On average, research analysts predict that Cloudflare will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction on Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the completion of the sale, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $23,789,829.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the sale, the director now owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 6,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the completion of the transaction, the insider now owns 216,114 shares in the company, valued at $23,789,829.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently modified their holdings of NET. Cigna Investments Inc. New lifted its holdings in Cloudflare by 4.2% during the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock worth $307,000 after acquiring an additional 129 shares in the last quarter. Yousif Capital Management LLC increased its position in shares of Cloudflare by 4.0% during the fourth quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after acquiring an additional 130 shares in the last quarter. Kingswood Wealth Advisors LLC raised its holdings in shares of Cloudflare by 0.5% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock worth $2,278,000 after acquiring an additional 132 shares during the period. Quent Capital LLC lifted its position in Cloudflare by 8.1% in the 4th quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock valued at $156,000 after acquiring an additional 140 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cloudflare by 34.4% in the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after purchasing an additional 171 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.