Cloudflare (NYSE:NET) Sets New 52-Week High After Analyst Upgrade

Cloudflare, Inc. (NYSE:NET)’s stock price hit a new 52-week high during mid-day trading on Wednesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $140.25 and last traded at $139.54, with a volume of 7634538 shares trading hands. The stock had previously closed at $126.47.

Other analysts have also recently issued research reports about the stock. Piper Sandler boosted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Stifel Nicolaus upgraded Cloudflare from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. Morgan Stanley raised their target price on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Wells Fargo & Company boosted their price target on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, UBS Group increased their price objective on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $109.72.

Insider Buying and Selling

In related news, COO Michelle Zatlyn sold 35,118 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $18,212,582.70. This trade represents a 16.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $86.79, for a total value of $1,301,850.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares in the company, valued at approximately $24,422,966.37. The trade was a 5.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 631,257 shares of company stock valued at $68,558,258. 12.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors have recently modified their holdings of the company. Stratos Wealth Partners LTD. grew its holdings in shares of Cloudflare by 1.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock valued at $709,000 after purchasing an additional 77 shares in the last quarter. Atomi Financial Group Inc. boosted its position in Cloudflare by 3.3% in the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after buying an additional 94 shares during the period. Chicago Partners Investment Group LLC grew its stake in shares of Cloudflare by 4.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after acquiring an additional 105 shares in the last quarter. Wealth Management Partners LLC increased its position in shares of Cloudflare by 3.3% during the fourth quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock worth $382,000 after acquiring an additional 114 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after acquiring an additional 119 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Stock Performance

The stock has a fifty day moving average of $113.71 and a 200-day moving average of $94.18. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $47.09 billion, a PE ratio of -527.70 and a beta of 1.10.

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

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.