Cloudflare, Inc. (NYSE:NET) Receives $92.29 Consensus Price Target from Analysts

Cloudflare, Inc. (NYSE:NET) has been assigned an average recommendation of “Hold” from the twenty-five ratings firms that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $92.29.

A number of research firms have recently weighed in on NET. Royal Bank of Canada boosted their price target on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Guggenheim upped their target price on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. The Goldman Sachs Group lowered their price target on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a report on Tuesday, June 4th. Scotiabank began coverage on shares of Cloudflare in a research note on Monday, July 8th. They set a “sector perform” rating and a $85.00 price objective on the stock. Finally, Mizuho boosted their price target on Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $82.65, for a total value of $247,950.00. Following the transaction, the insider now directly owns 195,303 shares of the company’s stock, valued at approximately $16,141,792.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Carl Ledbetter sold 8,030 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $79.89, for a total value of $641,516.70. Following the completion of the sale, the director now directly owns 1,084,364 shares in the company, valued at approximately $86,629,839.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Monday, July 1st. The stock was sold at an average price of $82.65, for a total transaction of $247,950.00. Following the completion of the transaction, the insider now directly owns 195,303 shares of the company’s stock, valued at approximately $16,141,792.95. The disclosure for this sale can be found here. Insiders sold a total of 597,702 shares of company stock worth $48,088,422 in the last 90 days. 12.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NET. Baillie Gifford & Co. lifted its holdings in Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Cloudflare by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after purchasing an additional 412,864 shares during the period. Capital World Investors lifted its holdings in shares of Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after purchasing an additional 584,566 shares during the last quarter. 1832 Asset Management L.P. boosted its position in Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the period. Finally, Norges Bank acquired a new position in shares of Cloudflare during the fourth quarter valued at $221,858,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

Shares of NET stock opened at $78.59 on Wednesday. The stock has a fifty day moving average price of $79.69 and a 200 day moving average price of $82.95. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The stock has a market cap of $26.70 billion, a PE ratio of -148.28 and a beta of 1.10. Cloudflare has a 1 year low of $53.88 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period last year, the firm posted ($0.12) EPS. Sell-side analysts forecast that Cloudflare will post -0.12 earnings per share for the current fiscal year.

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.