Cloudflare (NYSE:NET) Price Target Cut to $94.00

Cloudflare (NYSE:NET) had its price objective cut by analysts at KeyCorp from $132.00 to $94.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price objective would indicate a potential upside of 26.34% from the stock’s current price.

NET has been the subject of a number of other research reports. Sanford C. Bernstein initiated coverage on Cloudflare in a research note on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price target for the company. Cantor Fitzgerald cut their target price on shares of Cloudflare from $100.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday. TD Cowen decreased their price target on shares of Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Friday. Piper Sandler restated a “neutral” rating and issued a $81.00 price objective (down from $110.00) on shares of Cloudflare in a report on Friday. Finally, Susquehanna upped their target price on Cloudflare from $75.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Cloudflare has an average rating of “Hold” and an average price target of $90.17.

Cloudflare Price Performance

NET stock opened at $74.40 on Friday. The stock has a market capitalization of $25.12 billion, a price-to-earnings ratio of -140.38 and a beta of 1.15. The firm’s 50-day moving average price is $93.67 and its two-hundred day moving average price is $83.60. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. As a group, equities analysts predict that Cloudflare will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total value of $264,360.00. Following the completion of the transaction, the insider now owns 205,238 shares of the company’s stock, valued at approximately $18,085,572.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Carl Ledbetter sold 8,022 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total transaction of $701,844.78. Following the transaction, the director now directly owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total value of $264,360.00. Following the completion of the transaction, the insider now owns 205,238 shares in the company, valued at $18,085,572.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,029,347 shares of company stock valued at $100,594,226. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NET. Riverview Trust Co bought a new position in Cloudflare in the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC raised its holdings in Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the period. ICA Group Wealth Management LLC purchased a new position in Cloudflare during the fourth quarter valued at $38,000. GAMMA Investing LLC bought a new stake in Cloudflare during the fourth quarter valued at about $39,000. Finally, Pingora Partners LLC bought a new position in shares of Cloudflare in the fourth quarter worth about $42,000. 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.