Cloudflare (NYSE:NET) PT Lowered to $80.00

Cloudflare (NYSE:NET) had its price objective lowered by Cantor Fitzgerald from $100.00 to $80.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts also recently weighed in on NET. Piper Sandler reaffirmed a neutral rating and issued a $81.00 target price (down previously from $110.00) on shares of Cloudflare in a report on Friday. Truist Financial lifted their price objective on Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a report on Friday, February 9th. JMP Securities increased their target price on Cloudflare from $75.00 to $90.00 and gave the stock a market outperform rating in a research note on Wednesday, January 31st. Morgan Stanley raised their price target on Cloudflare from $66.00 to $92.00 and gave the company an equal weight rating in a report on Monday, February 12th. Finally, KeyCorp upped their price objective on Cloudflare from $94.00 to $132.00 and gave the stock an overweight rating in a report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock 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 company traded hands, compared to its average volume of 2,884,762. The company has a 50 day moving average of $93.67 and a 200-day moving average of $83.47. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00. The stock has a market capitalization of $25.12 billion, a PE ratio of -140.60 and a beta of 1.15. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68.

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

Insider Buying and Selling at Cloudflare

In other news, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the sale, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 50,000 shares of Cloudflare stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the sale, the chief financial officer now owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Deutsche Bank AG lifted its position in Cloudflare by 5.1% during the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after buying an additional 65,596 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cloudflare in the third quarter worth approximately $569,000. International Assets Investment Management LLC purchased a new stake in Cloudflare in the fourth quarter valued at approximately $11,639,000. Blueshift Asset Management LLC increased its position in Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after purchasing an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier raised its stake in Cloudflare by 4.5% during the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $33,937,000 after purchasing an additional 17,600 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

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.