Cloudflare (NYSE:NET) Upgraded to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Cloudflare (NYSE:NET) from a sell rating to a buy rating in a research note published on Thursday, Marketbeat reports. The brokerage currently has $140.00 price target on the stock, up from their prior price target of $77.00.

Other equities analysts have also issued research reports about the company. 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. Wells Fargo & Company increased their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. BNP Paribas began coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Mizuho boosted their target price on shares of Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Finally, Piper Sandler raised their price target on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $101.37.

Cloudflare Stock Up 1.9 %

Shares of Cloudflare stock opened at $114.73 on Thursday. The company has a 50-day simple moving average of $102.82 and a two-hundred day simple moving average of $89.09. Cloudflare has a 52-week low of $66.24 and a 52-week high of $119.42. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market capitalization of $39.37 billion, a PE ratio of -441.27 and a beta of 1.10.

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). The business had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, analysts anticipate that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $113.16, for a total value of $2,901,422.40. Following the sale, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $19,572,040.44. The trade was a 12.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $111.90, for a total value of $5,861,769.60. Following the transaction, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at approximately $1,204,267.80. The trade was a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 614,592 shares of company stock valued at $60,146,600. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of large investors have recently added to or reduced their stakes in NET. CVA Family Office LLC increased 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 purchasing an additional 171 shares during the last quarter. Quarry LP increased its holdings in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare during the 3rd quarter valued at about $38,000. Quest Partners LLC purchased a new stake in shares of Cloudflare during the 3rd quarter valued at about $54,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the last quarter. 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.