Morgan Stanley Raises Cloudflare (NYSE:NET) Price Target to $92.00

Cloudflare (NYSE:NETGet Free Report) had its price target boosted by equities researchers at Morgan Stanley from $66.00 to $92.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential downside of 12.90% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Truist Financial raised their price objective on shares of Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research note on Friday. Wells Fargo & Company upped their price target on shares of Cloudflare from $95.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday. Susquehanna lifted their price target on shares of Cloudflare from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday. Oppenheimer upgraded shares of Cloudflare from a “market perform” rating to an “outperform” rating in a research note on Tuesday, November 21st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cloudflare from $53.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday. Four analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus price target of $86.52.

Get Our Latest Stock Report on Cloudflare

Cloudflare Stock Performance

NYSE:NET traded down $2.30 during trading hours on Monday, reaching $105.62. 10,871,316 shares of the company’s stock were exchanged, compared to its average volume of 4,844,508. The company has a quick ratio of 3.89, a current ratio of 3.89 and a debt-to-equity ratio of 1.83. Cloudflare has a 1-year low of $39.90 and a 1-year high of $116.00. The company has a 50-day moving average of $81.90 and a 200 day moving average of $70.28. The firm has a market capitalization of $35.46 billion, a price-to-earnings ratio of -192.04 and a beta of 1.10.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 400 shares of the company’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $80.00, for a total value of $32,000.00. Following the completion of the transaction, the chief financial officer now directly owns 243,495 shares of the company’s stock, valued at approximately $19,479,600. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Thomas J. Seifert sold 400 shares of the company’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $80.00, for a total transaction of $32,000.00. Following the completion of the transaction, the chief financial officer now directly owns 243,495 shares of the company’s stock, valued at $19,479,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl Ledbetter sold 30,251 shares of Cloudflare stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $74.37, for a total value of $2,249,766.87. Following the completion of the sale, the director now directly owns 1,657,869 shares in the company, valued at approximately $123,295,717.53. The disclosure for this sale can be found here. Insiders sold 889,020 shares of company stock valued at $68,637,610 over the last quarter. Corporate insiders own 14.80% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new stake in Cloudflare during the 4th quarter worth approximately $39,000. Sunbelt Securities Inc. bought a new position in Cloudflare during the first quarter worth about $29,000. Massmutual Trust Co. FSB ADV raised its stake in Cloudflare by 1,976.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock worth $45,000 after purchasing an additional 514 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Cloudflare by 98.7% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock valued at $50,000 after purchasing an additional 296 shares during the period. Finally, JTC Employer Solutions Trustee Ltd bought a new position in shares of Cloudflare during the third quarter worth approximately $38,000. 73.14% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Company Profile

(Get Free Report)

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, secure origin connection, and rate limiting products.

Further Reading

Analyst Recommendations for Cloudflare (NYSE:NET)

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