Cantor Fitzgerald Initiates Coverage on Cloudflare (NYSE:NET)

Equities researchers at Cantor Fitzgerald began coverage on shares of Cloudflare (NYSE:NET) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm set a “neutral” rating and a $111.00 price target on the stock. Cantor Fitzgerald’s target price suggests a potential downside of 3.56% from the stock’s previous close.

A number of other research firms have also weighed in on NET. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and upped their target price for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and upped their price target for the stock from $95.00 to $145.00 in a report on Friday. Morgan Stanley raised Cloudflare from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $92.00 to $130.00 in a research note on Monday, December 2nd. Jefferies Financial Group boosted their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Finally, Mizuho raised their price target on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $105.30.

Cloudflare Price Performance

Cloudflare stock opened at $115.10 on Friday. 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 has a one year low of $66.24 and a one year high of $119.42. The firm has a market capitalization of $39.50 billion, a P/E ratio of -442.68 and a beta of 1.10. The business has a fifty day moving average price of $107.20 and a 200-day moving average price of $91.22.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. As a group, equities research analysts forecast that Cloudflare will post -0.1 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the transaction, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at approximately $1,223,962.26. The trade was a 82.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the transaction, the insider now owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This trade represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 524,852 shares of company stock valued at $55,386,256 in the last quarter. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Large investors have recently bought and sold shares of the company. Marshall Wace LLP raised its position in shares of Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after acquiring an additional 855,334 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in Cloudflare in the third quarter worth $25,588,000. International Assets Investment Management LLC bought a new position in Cloudflare in the third quarter worth $147,160,000. Parnassus Investments LLC boosted its holdings in shares of Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after buying an additional 131,319 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Cloudflare by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after buying an additional 121,810 shares during the period. 82.68% of the stock is owned by 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.