Morgan Stanley Raises Cloudflare (NYSE:NET) Price Target to $140.00

Cloudflare (NYSE:NET) had its price target hoisted by investment analysts at Morgan Stanley from $130.00 to $140.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 16.54% from the stock’s current price.

Several other brokerages have also recently weighed in on NET. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and upped their target price for the stock from $95.00 to $145.00 in a report on Friday. Wells Fargo & Company increased their target price on Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday, January 7th. Stifel Nicolaus upgraded Cloudflare from a “hold” rating to a “buy” rating and upped their price objective for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. BNP Paribas began coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Finally, The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and lifted their price objective for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $107.40.

Cloudflare Trading Up 2.5 %

Shares of NYSE:NET traded up $2.97 on Tuesday, hitting $120.13. 1,242,083 shares of the company’s stock were exchanged, compared to its average volume of 2,636,219. The business’s 50 day simple moving average is $108.20 and its two-hundred day simple moving average is $91.77. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a market capitalization of $41.23 billion, a price-to-earnings ratio of -462.41 and a beta of 1.10. Cloudflare has a 12 month low of $66.24 and a 12 month high of $121.02.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Analysts anticipate that Cloudflare will post -0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Maria S. Eitel sold 6,875 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.00, for a total transaction of $605,000.00. Following the transaction, the director now owns 5,927 shares of the company’s stock, valued at approximately $521,576. The trade was a 53.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares in the company, 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 90 days. 12.83% of the stock is owned by insiders.

Institutional Trading of Cloudflare

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. CVA Family Office LLC grew its position in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the period. Quarry LP grew its holdings in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares during the period. Capital Performance Advisors LLP purchased a new stake in Cloudflare in the 3rd quarter valued at about $38,000. Quest Partners LLC purchased a new stake in Cloudflare in the 3rd quarter valued at about $54,000. Finally, Versant Capital Management Inc boosted its stake in Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after buying an additional 170 shares during the period. 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.