Cloudflare (NYSE:NET) Price Target Raised to $87.00 at Scotiabank

Cloudflare (NYSE:NET) had its price objective raised by Scotiabank from $85.00 to $87.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price objective would indicate a potential downside of 9.09% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Wolfe Research began coverage on shares of Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Mizuho increased their target price on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Robert W. Baird raised their target price on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald lifted their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $92.16.

Cloudflare Price Performance

NET stock opened at $95.70 on Friday. Cloudflare has a 12-month low of $61.34 and a 12-month high of $116.00. The company has a market capitalization of $32.70 billion, a PE ratio of -330.00 and a beta of 1.10. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The business’s fifty day moving average price is $84.59 and its 200 day moving average price is $80.69.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The firm had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. On average, sell-side analysts anticipate that Cloudflare will post -0.13 EPS for the current year.

Insider Buying and Selling at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cloudflare news, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction on Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the sale, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at $6,546,941.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 477,043 shares of company stock worth $39,737,342. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently bought and sold shares of NET. Baillie Gifford & Co. lifted its holdings in Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after buying an additional 2,575,396 shares during the last quarter. Marshall Wace LLP grew its holdings 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 during the period. Capital World Investors grew 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 acquiring an additional 584,566 shares during the period. Vanguard Group Inc. grew its holdings in shares of Cloudflare by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after acquiring an additional 412,864 shares during the period. Finally, WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare in the 3rd quarter worth approximately $25,588,000. Hedge funds and other institutional investors 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.