Cloudflare (NYSE:NET) Stock Rating Upgraded by UBS Group

Cloudflare (NYSE:NET) was upgraded by analysts at UBS Group from a “sell” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The brokerage currently has a $82.00 target price on the stock, up from their prior target price of $76.00. UBS Group’s price target points to a potential upside of 3.43% from the company’s current price.

Several other equities research analysts also recently commented on the company. Morgan Stanley reiterated an “equal weight” rating and set a $92.00 target price on shares of Cloudflare in a report on Monday, June 17th. KeyCorp lowered their price target on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. cut their price objective on shares of Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. DZ Bank upgraded Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research note on Tuesday, May 7th. Finally, Citigroup cut their price target on Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $90.96.

Cloudflare Price Performance

Shares of NYSE:NET opened at $79.28 on Tuesday. Cloudflare has a 52 week low of $53.88 and a 52 week high of $116.00. The company has a 50-day moving average price of $77.01 and a 200 day moving average price of $85.35. The company has a market cap of $26.94 billion, a P/E ratio of -149.58 and a beta of 1.08. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Research analysts predict that Cloudflare will post -0.19 earnings per share for the current year.

Insider Activity

In other Cloudflare news, Director Katrin Suder sold 574 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total transaction of $38,521.14. Following the completion of the sale, the director now owns 51,162 shares of the company’s stock, valued at approximately $3,433,481.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $94.91, for a total value of $1,423,650.00. Following the completion of the transaction, the chief financial officer now owns 338,469 shares in the company, valued at $32,124,092.79. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Katrin Suder sold 574 shares of Cloudflare stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total transaction of $38,521.14. Following the transaction, the director now owns 51,162 shares of the company’s stock, valued at $3,433,481.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 700,796 shares of company stock valued at $56,919,603. Corporate insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently made changes to their positions in NET. Riverview Trust Co purchased a new stake in Cloudflare in the first quarter worth about $27,000. Allspring Global Investments Holdings LLC raised its stake in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in Cloudflare during the 4th quarter valued at $38,000. GAMMA Investing LLC bought a new position in shares of Cloudflare in the 4th quarter worth $39,000. Finally, Pingora Partners LLC bought a new stake in Cloudflare during the fourth quarter valued at about $42,000. 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.