Cloudflare (NYSE:NET) Now Covered by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Cloudflare (NYSE:NET) in a report released on Tuesday morning. The firm issued an overweight rating on the stock.

Several other equities research analysts also recently weighed in on the company. Piper Sandler decreased their target price on Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. The Goldman Sachs Group decreased their price target on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a report on Friday, March 14th. Royal Bank of Canada dropped their price objective on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Truist Financial upped their target price on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Finally, Susquehanna lifted their price target on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $131.64.

Cloudflare Stock Up 0.3 %

NET opened at $117.89 on Tuesday. Cloudflare has a 1 year low of $66.24 and a 1 year high of $177.37. The firm has a 50 day moving average price of $136.61 and a 200 day moving average price of $109.54. 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 company has a market cap of $40.68 billion, a PE ratio of -535.85 and a beta of 1.27.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Sell-side analysts expect that Cloudflare will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 556,766 shares of company stock valued at $72,579,200 over the last 90 days. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently modified their holdings of NET. Quarry LP lifted its position in Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after purchasing an additional 133 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Cloudflare in the fourth quarter valued at approximately $43,000. Quest Partners LLC bought a new stake in shares of Cloudflare during the third quarter valued at approximately $54,000. Park Square Financial Group LLC acquired a new position in shares of Cloudflare during the fourth quarter worth approximately $56,000. Finally, Larson Financial Group LLC grew its holdings in Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after buying an additional 517 shares in 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.