Mizuho Cuts Cloudflare (NYSE:NET) Price Target to $88.00

Cloudflare (NYSE:NET) had its price objective lowered by Mizuho from $95.00 to $88.00 in a research report report published on Friday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts have also recently commented on the stock. Capital One Financial assumed coverage on shares of Cloudflare in a research note on Wednesday, January 17th. They issued an equal weight rating and a $83.00 price target for the company. Needham & Company LLC raised their target price on shares of Cloudflare from $110.00 to $135.00 and gave the stock a buy rating in a research note on Friday, February 9th. JMP Securities raised their target price 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. Truist Financial raised their target price on shares of Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a research note on Friday, February 9th. Finally, Wells Fargo & Company raised their target price on shares of Cloudflare from $95.00 to $125.00 and gave the stock an overweight rating in a research note on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $90.17.

Cloudflare Stock Performance

NET stock traded down $14.57 during trading hours on Friday, reaching $74.40. The stock had a trading volume of 18,650,549 shares, compared to its average volume of 2,884,762. 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 debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. The stock has a 50-day simple moving average of $93.67 and a 200 day simple moving average of $83.47. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00.

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

Insider Activity

In related news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the sale, 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 Securities & Exchange Commission, which is accessible through this link. In other news, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was 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 in the company, valued at $117,811,238.94. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.08, for a total transaction of $660,480.00. Following the completion of the transaction, the insider now owns 216,114 shares of the company’s stock, valued at approximately $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 worth $100,594,226. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NET. Commonwealth Equity Services LLC grew its position in shares of Cloudflare by 9.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock worth $3,588,000 after buying an additional 4,685 shares during the period. Xponance Inc. grew its position in shares of Cloudflare by 0.6% during the 3rd quarter. Xponance Inc. now owns 40,684 shares of the company’s stock worth $2,565,000 after buying an additional 224 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in Cloudflare by 27.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after purchasing an additional 3,337 shares during the period. Stratos Wealth Partners LTD. acquired a new stake in Cloudflare in the 3rd quarter valued at $372,000. Finally, J.W. Cole Advisors Inc. acquired a new stake in Cloudflare in the 3rd quarter valued at $255,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.